SSNIT

SSNIT Announces Shift To Fixed-Income-Focused Portfolio
05 Jul

SSNIT Announces Shift To Fixed-Income-Focused Portfolio

Wontumi1Business
The Social Security and National Insurance Trust (SSNIT), the largest institutional investor in the economy, has announced a transition to a fixed-income-focused portfolio. SSNIT’s portfolio totals GHS 16.7 billion, with 49.3 percent in equities, 34 percent in alternative investments, and only 16.7 percent in fixed income. However, SSNIT plans to significantly rebalance its portfolio in the near term, more than doubling its fixed income allocation to 48.8 percent and substantially reducing its equities and alternative investments. During a recent media briefing, SSNIT Director-General Kofi Bosompem Osafo-Maafo explained the trust’s new strategy. “The plan is to reduce our real estate and…
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NPRA Directs SSNIT To Suspend Hotel Sale Negotiations With Rock City
28 Jun

NPRA Directs SSNIT To Suspend Hotel Sale Negotiations With Rock City

Wontumi2News
The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its ongoing negotiations with Rock City over the sale of four hotels. SSNIT is currently engaging Rock City Limited as the Strategic Investor in the sale of its four hotels namely Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel. The NPRA in a letter to SSNIT on Friday, June 28 indicated that “As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment…
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SSNIT Contributors Gain Automatic NHIS Migration
10 Jun

SSNIT Contributors Gain Automatic NHIS Migration

Wontumi1News
The National Health Insurance Authority (NHIA) has started the automatic migration of all contributors to the Social Security and National Insurance Trust (SSNIT) onto the National Health Insurance Scheme (NHIS). This is to ensure that all SSNIT contributors, whose 2.5 per cent deductions are used to fund the NHIS, become automatic subscribers to the scheme. Once their premiums are covered by SSNIT, the authority does not need to wait for them to voluntarily sign on to the mutual health insurance scheme. The acting Chief Executive Officer (CEO) of the NHIA, Dr Da-Costa Aboagye, who disclosed this to journalists in Koforidua last…
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SSNIT Defends Sale Of 60% Stake In 4 Hotels Amid Allegations By Ablakwa
20 May

SSNIT Defends Sale Of 60% Stake In 4 Hotels Amid Allegations By Ablakwa

Wontumi2News
The Social Security and National Insurance Trust (SSNIT) has denied any misconduct in its decision to sell a 60% stake in its hotels to Rock City Hotel, owned by Food and Agriculture Minister Dr. Bryan Acheampong. This defense follows North Tongu MP Samuel Okudzeto Ablakwa's petition to the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the sale of six hotels. Ablakwa's petition calls for an investigation into alleged conflicts of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft concerning the sale of Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach…
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SSNIT Donates GHS1M For Pensioners’ Healthcare
14 Feb

SSNIT Donates GHS1M For Pensioners’ Healthcare

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The Social Security and National Insurance Trust (SSNIT) has continued its support for the National Pensioners Association (NPA) by presenting a cheque of GHS1 million. This donation is specifically aimed at supporting the healthcare of pensioners enrolled on the NPA’s Pensioners Medical Scheme (PMS). This contribution is in fulfilment of a commitment by SSNIT’s Management made in 2017 to prioritise the well-being of pensioners under the SSNIT Scheme in the country. The Trust has previously demonstrated its commitment to supporting the NPA. In 2018 and 2019, SSNIT presented amounts of GHS300,000.00 and GHS500,000.00 respectively to support the Pensioners Medical Scheme.…
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SSNIT To Intensify Campaign To Enrol More Self-Employed
15 Jan

SSNIT To Intensify Campaign To Enrol More Self-Employed

Wontumi1Business
The Social Security and National Insurance Trust (SSNIT) is to intensify its initiative aimed at roping in more informal sector and self-employed persons in Ghana onto the state-run Tier One pension scheme. Riding on the successes of last year when it launched the Self Employed Enrolment Drive (SEED), SSNIT believes that a more aggressive approach to push the initiative will attract more people in that bracket to secure them a better future when they retire. The Director-General of SSNIT, Dr John Ofori-Tenkorang, who announced the Trust’s resolve last Thursday, said “We have developed a good initiative that will help many…
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Failure To Pay Contributions Is A Breach – SSNIT Urges Employees To ‘Speak Up’
13 Jan

Failure To Pay Contributions Is A Breach – SSNIT Urges Employees To ‘Speak Up’

Wontumi2Business
Dr. John Ofori-Tenkorang, Director General of the Social Security and National Insurance Trust (SSNIT), has urged workers who suspect that their social security contributions are not being paid to contact their local offices. He said the first step is to check their statements at any SSNIT branch or through their website to verify if the contributions are being paid. He indicated that subscribers to SSNIT receive statements every quarter; hence, every worker ought to receive them in their emails. According to him, if there is any employee who has changed his or her email, they have to inform SSNIT. After…
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SSNIT Increases Pension By 15%
12 Jan

SSNIT Increases Pension By 15%

Wontumi1Business,
The Social Security and National Insurance Trust (SSNIT) has increased the monthly pension payments by 15 per cent, effective January this year. Under the arrangement, all persons on the SSNIT pension payroll as of December 31, 2023, will have their monthly pension increased by a fixed rate of 10 per cent plus a redistributed flat amount of GH¢79.10. The redistribution is to cushion persons with low pensions under the current economic situation, SSNIT said at a press conference in Accra yesterday to announce the new increase in the monthly payments. The redistribution is a mechanism applied to the rate (indexation…
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Enrol With SSNIT Now And Enjoy Its Future Benefits – Director General
25 Nov

Enrol With SSNIT Now And Enjoy Its Future Benefits – Director General

Wontumi2Business,
Ofori TenKorang, Director General of the Social Security and National Insurance Trust (SSNIT), has advised self-employed Ghanaians between the ages of 15 and 45 to enlist in the SSNIT so that they might profit when they retire. Speaking to reporters at the opening of the 2023 SSNIT Mobile Service Week in the Bono regional capital of Sunyani, TenKorang used the occasion to urge the working population aged 15 to 45 to register with SSNIT as soon as possible. He further stated that the opportunity to be a part of the SSNIT contributors is limited to the aforementioned ages, and that…
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SSNIT Acquits Lighthouse Chapel Over Contributions Of Six Former Employees
05 Oct

SSNIT Acquits Lighthouse Chapel Over Contributions Of Six Former Employees

Wontumi2Business
The Social Security and National Insurance Trust (SSNIT) has exonerated Lighthouse Chapel International (LCI) over the contributions of six former employees. The six former employees sued the church for failing to pay their mandatory pension contributions and for abuses they say they suffered while they worked there. Before filing their case in court, the six had petitioned the head of prosecutions at SSNIT in a letter dated February 1, 2021, over the LCI’s failure to adhere to “basic” labour regulations. While SSNIT was investigating their complaints, the complainants surprisingly sued LCI on the same complaints. In May 2021, SSNIT launched…
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