Re: SSNIT will be unable to pay benefits by 2036 as a result of depletion in reserves

Management of the Social Security and National Insurance Trust (SSNIT) has responded to recent posts circulating on myjoyonline and other media outlets suggesting that they (SSNIT) will be unable to pay benefits by 2036 as a result of depletion in reserves.

Addressing the false pedaling news, SSNIT expressed its stand on the issue in the following ways:

1. The SSNIT scheme presently receives contributions and has enough funds to pay accruing benefits due Members.

2. The SSNIT pension scheme, as set up by ACT 766, is partially funded, and that pension payments are funded from contributions and returns from investments.

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3. That pension payments are not funded by reserves.

4. There has been steady growth in contributions. This growth is well supported by the current demographics and the dedicated activities of our staff in getting new employers and contributors to join the scheme.

5. That investment income has been healthy and would offset any unexpected deficits that may arise.
6. The Government is current in the payment of contributions on behalf of its workers. Modalities are in place to service the outstanding contributions.

7. The Trust has never missed any pension payment since 1991, when the pension scheme was introduced.

The Trust therefore assures all Members and the public that it will continue to ensure prudent management of the Fund to meet its benefits payment obligations beyond 2036.

SOURCE: Coverghana.com.gh