The Social Security and National Insurance Trust [SSNIT) has refuted claims suggesting that its reserves are depleting.
There have been reports suggesting that SSNIT will be unable to pay benefits by 2036 as a result of depletion in reserves.
But in a statement issued on Friday, April 26, SSNIT said it “presently receives contributions and has enough funds to pay accruing benefits due Members.”
It said it is a partially funded scheme, and that pension payments are funded from contributions and returns from investments.
“That pension payments are not funded by reserves.”
“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,” it further stated.
The Scheme indicated that investment income has been healthy and would offset any unexpected deficits that may arise.
“The Government is current in the payment of contributions on behalf of its workers. Modalities are in place to service the outstanding contributions.”
“The Trust has never missed any pension payment since 1991, when the pension scheme was introduced,” it stated.
SSNIT therefore assured all members and the public that it will continue to ensure prudent management of the Fund to meet its benefits payment obligations beyond 2036.
“As we approach May Day, we wish all pensioners and workers in Ghana a Happy May Day,” it added.
