A/R: SSNIT Holds 2024 Pensioners Engagement

The Social Security and National Insurance Trust (SSNIT) has engaged one of its major stakeholders, the Pensioners Association of Ghana, to deliberate on issues of mutual interest.

The engagement was held at the Kumasi City Mall on Thursday, 17th October 2024, under the theme ‘Our Promise, Your Security’.

It was attended by top management, including the Director General, Mr. Kofi Osafo Marfo, regional and branch managers, other officers of the Trust, and members of the Pensioners Association.

It provided an opportunity for SSNIT leadership to explain the core functions of the organization, as well as its sources of funding, investments, and the sustainability of the scheme.

Participants were also given an opportunity to ask questions and seek clarification on issues in the public domain

The SSNIT Chief Actuary, Mr. Joseph Poku, guided participants through the financial status, operations, and inflows of the scheme. He also discussed various reports on the scheme conducted by internationally recognized institutions, including the ILO, which assessed its performance.

He assured participants that the scheme remains resolute and will continue to deliver its core mandate without hesitation.

He urged pensioners not to be swayed by misinformation or by deliberate attempts by some individuals to undermine the scheme.

“I want to assure you that SSNIT has come to stay. I have been an employee for 28 years and I tell you what, I have heard many of these rumours that the scheme is on the verge of collapse. I will only urge you to ignore such misinformation and false claims. The scheme is in good standing and with the structures in place, you can be assured that it has come to stay, don’t be disturbed by their claims.”

Speaking at the forum on behalf of the General Secretary of the Pensioners Association, the Ashanti Regional Chairman, Mr. Adarkwa Tuffour, commended SSNIT for being a reliable source of livelihood for the aged. He emphasized that like any organization, SSNIT might have its challenges but has since 1991 paid monthly benefits to retirees without fail.

“However, it is essential to recognize that despite challenges, the SSNIT pension scheme has been a lifeline, providing security, dignity, and hope to us, retired workers. Since the scheme began paying monthly pensions in the early nineties, pensioners have been paid every single month according to what they have earned. Every single month. From 1991 to date, SSNIT has never reneged in the payment of pensions to Pensioners.”

He expressed optimism and confidence in the scheme and commended management for improving their services and timely payment of benefits to pensioners.

On his part, the Director General of the Scheme, Mr. Kofi Osafo Marfo, emphasized that SSNIT has improved in all sectors including revenue generation, investment, profits and payment of benefits. He therefore reiterated their assurance that the scheme has come to stay.

“I think it is essential to state that SSNIT is very strong. If you look into our accounts, you realise that from 2021 we moved from deficits to surplus. If you look at the figures we had about GHC230m surplus and in 2023 we made GHC865m profit and the books show that the surplus in the first half of 2024 surpasses the whole of 2023 so it means SSNIT is in good shape.”

We have also improved our net contributions and it means we are managing our investments and expenses very well,” he emphasized.

Source:opemsuo.com