SSNIT

SSNIT Can Continuously Pay Pensions Benefits – Director-General
01 Nov

SSNIT Can Continuously Pay Pensions Benefits – Director-General

Wontumi1Business,
The Social Security and National Insurance Trust (SSNIT) has reassured pensioners of the Scheme’s ability to continuously pay their pensions benefits for many years, despite recent contrary reports. Kofi Osafo-Maafo, the Director-General of SSNIT, in a speech read on his behalf, said despite its challenges, the Scheme remained strong and would be able to pay pensions and meet its financial obligations in the years ahead. The reassurance comes on the backdrop of a report released by the International Labour Organisation (ILO) which among other things projected that SSNIT’s financial reserves could deplete and subsequently collapse the Scheme by 2036. However,…
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Government Settles GH¢2.5 Billion Arrears In Bonds To SSNIT
23 Oct

Government Settles GH¢2.5 Billion Arrears In Bonds To SSNIT

Wontumi1Business
Government has paid GH¢2.5 billion in bonds to cover arrears owed to the Social Security and National Insurance Trust (SSNIT). This was disclosed by the Director-General, Kofi Osafo-Maafo, during a speech at a stakeholder engagement with pensioners in Kumasi. “What we have done recently is that we have had some successes. The government, most recently, defrayed approximately two and a half billion Ghana cedis of the arrears in the form of bonds, which again helps the underlying position of the Trust,” Mr. Osafo-Maafo said. He further mentioned that as of August this year, SSNIT had paid well over GH¢3.7billion in…
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SSNIT Disburses Over GH¢3.7Billion Pension Benefits
11 Oct

SSNIT Disburses Over GH¢3.7Billion Pension Benefits

Wontumi1Business,
The Social Security and National Insurance Trust (SSNIT) has paid out over GH¢3.7billion in pension benefits to more than 250,000 retired workers as of August 2024. This payout demonstrates the trust’s continued commitment to ensuring financial well-being for pensioners across the country despite challenges faced by global pension schemes. “Despite the challenges we’ve had, our SSNIT scheme remains strong,” said its Director-General, Kofi Osafo-Maafo. He underscored the scheme’s stability and ability to meet its obligations to pensioners. He stated that the trust continues to pay out pensions regularly and is in a financially healthy position. Global pension schemes are often…
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Private SSNIT Contributors Up 2.7%
10 Sep

Private SSNIT Contributors Up 2.7%

Wontumi1Business, ,
The total number of private sector SSNIT contributors, which partially gauges employment conditions, improved by 2.7 percent to 1,007,341 in May 2024, according to the Bank of Ghana’s Monetary Policy Report. This compares to 980,808 for the same period in 2023. Cumulatively, for the first five months of 2024, the total number of private sector contributors increased by 4.8 percent to 5,063,676, from 4,829,487 recorded over the corresponding period in 2023, the report noted. Additionally, the number of jobs advertised in selected print and online media, which partially gauges labor demand in the economy, remained largely unchanged in June 2024…
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SSNIT SEED Initiative: 103,000 Self-Employed Enrolled
02 Sep

SSNIT SEED Initiative: 103,000 Self-Employed Enrolled

Wontumi2Business,
The Social Security and National Insurance Trust (SSNIT) has made significant strides in expanding pension coverage through its Self-Employed Enrolment Drive (SEED) initiative. The initiative launched in May 2023, has successfully enrolled over 103,292 self-employed individuals in the SSNIT Scheme, marking a crucial step toward ensuring financial security for a broader section of the Ghanaian workforce. The Minister for Employment, Labour Relations and Pensions, Ignatius Baffour Awuah, disclosed this during a press briefing in Accra on Wednesday. According to him, the SEED initiative was launched to address the long-standing issue of low pension coverage among self-employed workers, who make up…
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SSNIT Pays GHȼ447M To Over 250K Pensioners For August 2024
21 Aug

SSNIT Pays GHȼ447M To Over 250K Pensioners For August 2024

Wontumi1Business,
The Social Security and National Insurance Trust (SSNIT) has disbursed a total of GHȼ447 hardware, comprising GHȼ447.07 million to 250,580 pensioners for August 2024. The payment, made on August 15, 2024, covered pension benefits under both PNDC Law 247 and Act 766. SSNIT reported that the highest monthly pension under PNDC Law 247 amounted to GHȼ186,777.58, while the highest under Act 766 was GHȼ26,509.66. The lowest monthly pension for existing pensioners was GHȼ409.10, with the minimum monthly pension for new pensioners set at GHȼ300.00. The next pension payment is scheduled for September 19, 2024. This payout highlights SSNIT’s continued dedication…
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SSNIT Has Made Positive Strides In Recent Years – Osafo-Maafo
08 Aug

SSNIT Has Made Positive Strides In Recent Years – Osafo-Maafo

Wontumi1Business,
The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has highlighted the significant progress made by the management in enhancing the Trust. He emphasized that the management has anchored its efforts on three key pillars to ensuring the scheme’s sustainability, embracing advanced technology, and guaranteeing adequate benefits. These strategies are integral to the continued success and stability of the scheme. Speaking at the 2024 Annual Operations and Benefits Conference in Elmina, Central Region, Mr Osafo-Maafo underscored the importance of the conference in formulating strategies to broaden the scheme’s coverage and leverage appropriate technologies. Despite…
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NPRA Has Given SSNIT Approval To Sell 60% Stake In Hotels – Minister
11 Jul

NPRA Has Given SSNIT Approval To Sell 60% Stake In Hotels – Minister

Evans ManassehNews, , , ,
The Minister of Employment and Labour Relations, Ignatius Baffour Awuah, has announced that the National Pensions Regulatory Authority (NPRA) has approved the sale of 60% of SSNIT’s shares in its hotel investment portfolio. The NPRA on June 28, directed SSNIT to suspend its negotiations with Rock City over the sale of four hotels, pending further evaluation and engagement. Answering questions on the floor of Parliament, the sector minister confirmed that all due processes have been complied with. “Yes, it is true that NPRA came up with a directive, but I would appreciate it if my brother, my colleague, really read…
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We Saved GH¢519M From Cleaning ‘Ghost Pensioners’ On Payroll – SSNIT DG
09 Jul

We Saved GH¢519M From Cleaning ‘Ghost Pensioners’ On Payroll – SSNIT DG

Wontumi1News
The Social Security and National Insurance Trust (SSNIT) says it saved GH¢519 million by “deactivating” names of “ghost pensioners” from its payroll. Mr Kofi Osafo-Maafo, Director General, SSNIT, made this known at a press briefing in Accra, addressing issues about investments and operations of the Scheme. Highlighting some developments and functions, he said the Trust continued to provide retirement benefits that “no other pension scheme” in the country offered. He noted that members on the Scheme have had appreciable percentage increments in their pensions over the period, and the Scheme continued to cater for those members declared “unfit to work”.…
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Pension Contributions Hit ₵6.8Bn In 2023
08 Jul

Pension Contributions Hit ₵6.8Bn In 2023

Wontumi1Business,
Total contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme has reached ₵6.8 billion.j This was captured in SSNIT‘s operations report for 2023. Contribution collections for 2023, showed about a billion cedis jump from the ₵5.8 billion collected in 2022.  In 2021, contributions stood at ₵4 billion while in 2020 SSNIT mobilized ₵5 billion. Breakdown The 2023 operations report showed that, private sector contributions stood at ₵4 billion as against a target of ₵3.5 billion. This represents 113.9 percent of its performance. Public Sector Contributions by December 2023 stood at ₵2.8 billion as against a target of…
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