The Social Security and National Insurance Trust, SSNIT, has refuted claims that it will run out of money to pay pensioners by 2036. A statement by the International Labour Organization (ILO) said the Trust will struggle to pay people going on retirement in 2036.
“Starting in 2029, total income (contributions, investment income and other income) is no longer sufficient to pay for annual expenditures,” ILO stated.
It then added “The reserve starts to decrease. During the year 2036, the reserve drops to zero.”
The news caused panic reactions online as people started fearing they may struggle during their retirement years having spent so many years working. But in a quick response, the national insurer said none of the claims was true.
In rebuffing the claims, SSNIT said it has been experiencing growth, one supported by dedicated activities of its staff to get new contributors to join the scheme.
“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.”
According to SSNIT, it does not pay pensioners from reserves. It said pension payments are made from contributions and returns on investments. Finally, SSNIT said it receives enough contributions and can pay benefits to its members.
“That investment income has been healthy and would offset any unexpected deficits that may arise.”
“As we approach May Day, we wish all pensioners and workers in Ghana a Happy May Day. May God continue to bless us all. SSNIT, we deliver on our promise.”
