Don’t fret, your contributions are safe – SSNIT tells beneficiaries
The Social Security and National Insurance Trust (SSNIT) has refuted allegations that the Scheme would have trouble paying its beneficiary commitments in the future as stated in the 2020 International Labour Organization Actuary Report.
SSNIT vehemently declared that these projections as contained in the report are incompatible with the actual condition of affairs at the moment.
Addressing the media in Accra on Monday, Joseph Poku, Chief Actuary of SSNIT, informed contributors that the program is still strong and well-positioned to meet their needs.
“You cannot lift everything in there and say SSNIT is collapsing in the next 12 years; it is far from the truth. These are the processes…You take a period of 75 years and then, based on reasonable assumptions, you make projections. But remember, if you alter the assumptions, the results will differ. So, don’t take the report at face value; consider it alongside the underlying assumptions,” he further stated.
Mr Poku further said though there are delays in government contributions sometimes, the government has met its obligations until January 2024.
“Monthly contributions have been paid up to January 2024,” he said, adding “While we recognize that March payments should have been made by now, it’s important to note that the government has fully covered January’s contributions, and part of February’s as well. Any delays are minimal, considering the overall timeline,” he said.
