The National Association of Graduate Teachers (NAGRAT) has called for a comprehensive overhaul of the Social Security and National Insurance Trust (SSNIT) management.
This appeal comes in the wake of a report by the International Labour Organization (ILO), which forecasts SSNIT’s inability to make full payments to its contributors by 2036.
The ILO report indicates that SSNIT will be unable to maintain annual expenditures and pension benefits by 2029 due to insufficient contributions and investment income. The report also suggests an increase in contributions among other measures.
Joseph Poku, the Chief Actuary for SSNIT, agrees with the suggestion but emphasises the need for SSNIT to follow procedural steps before implementing an increase that would exceed 18.5% of workers’ basic salary.
In an interview with Joy News, Angel Carbonu, the President of NAGRAT, expressed strong opposition to any attempt by SSNIT to increase contributions.
He questioned the rationale behind increasing the contribution rate when the management’s performance indicates failure. He further challenged the call for more funds when an international body has determined imprudent management of the institution.
Carbonu reaffirmed his position on the need for a change in SSNIT’s management. He stated, “I don’t think I would ever support any increment. I would rather advocate for a change in SSNIT’s governance structure, ensure more representation of contributors on the SSNIT board, and insist on adherence to rules and regulations in investing people’s money.”
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