SSNIT Archives - Page 4 of 4

07 Mar

SSNIT Policy To Reject Contributions Of Workers Above 60-Years A Security Policy Disaster – ACRR

wontumionlineBusinessSSNIT

The Africa Centre for Retirement Research (ACRR) has bemoaned a policy by the Social Security and National Insurance Scheme (SSNIT) to reject contributions from employers on behalf of workers aged 60 and above. According to the Executive Director of the Centre of Abdallah Mashud, the policy is a social security disaster that has no actuarial linkage and is not in line with best practices. In a statement issued and sighted by GhanaWeb Business, the ACRR said the move by SSNIT represents a gross violation of the rights of workers. It further outlined that the policy decision could have resulted from a lack…

03 Mar

There Is No Locked Up Pension Balance To Be Collected; Disregard Reports – SSNIT

wontumionlineBusinessPensioners, SSNIT

The Social Security and National Insurance Trust (SSNIT) is advising the public, particularly pensioners to disregard calls by some unscrupulous persons that they could help them claim their benefit from the trust. In a statement, the Trust, said management of SSNIT wishes to inform the public to disregard such calls as there is no “locked up pension balance to be collected”. It explained that the trust has not engaged or commissioned any individual or body to assist pensioners to claim any benefit from SSNIT. It cautioned the public not to engage any individual or body purporting to act on behalf…

01 Mar

Labadi Beach Hotel Presents ¢10m Dividend To SSNIT

wontumionlineBusinessdividend, Labadi Beach Hotel, SSNIT

Ghana’s premier 5-Star Hotel, Labadi Beach Hotel has presented a dividend of ¢10 million for the year 2021 to its sole shareholder, the Social Security and National Insurance Trust (SSNIT). This achievement is unprecedented in the history of the company. Since its inception in 1991, the hotel has led Ghana’s hospitality industry, providing exceptional services to its cherished guests, and thus contributing immensely to the tourism sector and by extension the economy of Ghana. Commenting on the spectacular achievement by the hotel, Professor Douglas Boateng, Interim Board Chairman said “we owe this achievement to the staff of Labadi Beach Hotel.…

14 Feb

Our Cape Coast Office Remains Open – SSNIT

wontumionlineBusinessCape Caost, SSNIT

The Social Security and National Insurance Trust (SSNIT) has dismissed reports that its Cape Coast Branch has been closed. According to a statement from the Trust, it Cape Coast office remains open for business. “The Trust does not owe the Cape Coast Metropolitan Assembly and has duly paid its property rate to the Assembly.” “Therefore, attempts by officers from the Metropolitan Assembly to lock up the office, temporarily interrupting business, was unfortunate”, it pointed out. It further added that contributors, pensioners and the public can access our services at all the Trust’s offices, including the Cape Coast Branch as well…

13 Feb

One Dies In Ghastly Accident At Apimanim In Western Region

wontumionlineNewsCape Coast, ECG, Metropolitan Assembly, shutdown, SSNIT

Two essential service institutions in Cape Coast have been locked up by authorities on Monday, February 13, 2023. The Electricity Company of Ghana (ECG) was closed down by the Cape Coast Metropolitan Assembly. The assembly says the company has defaulted in payment of property rates and business operating permits since 2021. https://twitter.com/GHANANEWSAGENCY/status/1625061441580539905?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1625061441580539905%7Ctwgr%5E94b9c877a44086e54e3debb9fe2c6cfe1ba75a25%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.myjoyonline.com%2Fecg-ssnit-offices-in-cape-coast-shut-down-over-non-payment-of-property-rates%2F According to the Ghana News Agency, ECG is not the only entity affected by the action. The assembly also shut down the Central Regional capital’s Social Security and National Insurance Trust (SSNIT) office. SSNIT has reportedly has not honoured payments since last year. Essentially, the two companies owe…

14 Dec

Number Of Advertised Jobs Shoot Up 11.7% – BoG

wontumionlineBusinessAdvertised Jobs, BoG, SSNIT

The number of jobs advertised in selected print and online media, which partially gauges labour demand in the economy, increased in October 2022 relative to what was observed in the corresponding period a year ago. According to data from the Bank of Ghana, 3,055 job adverts were recorded as compared with 2,734 for the same period in 2021, indicating an increase of 11.7% year-on-year. On a month-on-month basis, the number of job vacancies in October 2022 went up by 17.0% from the 2,611 jobs advertised in September 2022. Cumulatively, for the first 10 months of 2022, the total number of…

04 Oct

We’ve Paid ¢2.4bn To Pensioners As Of August 2022; Never Defaulted – SSNIT Boss

wontumionlineBusinessbenefits, pension, SSNIT, SSNIT Pension scheme

The Social Security and National Insurance Trust (SSNIT) has paid about ¢2.4 billion as benefits to retired workers as of August 2022. This is slightly higher than the amount paid during the same period in 2021. According to the Director General, Dr. John Ofori-Tenkorang, this is expected to surpass the ¢3.2 billion paid the entire last year. “We pay every 3rd Thursday of the month. Last year, we paid ¢3.2 billion as benefits to our members (pensioners)”, he disclosed at the launch of the Mobile Service Week at Ho in the Volta region. “This year, up until August ending [August…

28 Sep

SSNIT Pension Scheme Continues To Post Negative Return On Investments; Records -12.6% Return In Quarter 1 – Report

wontumionlineBusinessBoG, Financial Stability Review, Pension scheme, SSNIT

The Social Security and National Insurance Trust (SSNIT) pension scheme continued to post a negative real rate of return, recording -12.6% at the end of the first quarter of this year. According to the Financial Stability Review report by the Bank of Ghana, assets available for benefits of the SSNIT-managed Basic National Social Security Scheme (BNSSS) dropped marginally by 2.3% to ¢11.28 billion in March 2022 from the ¢11.54 billion recorded in 2021 Quarter 4. Also, though the private pensions industry remained resilient in 2021, the worsening macroeconomic conditions in the 1st half of this year present a new challenge…

27 Sep

Dissolve SSNIT Board – Austin Gamey

wontumionlineBusinessSSNIT

Labour expert and consultant, Austin Gamey has called for the dissolution and reformation of the Social Security and National Insurance Trust (SSNIT) board of directors. He posits that SSNIT is not supposed to be the property of government but the contributor therefore, organised labour must wake up and demand for change in the management of SSNIT. “The board of directors must be changed. People with the knowledge and far reaching experience who are committed with the desire to develop this nation must be appointed to the board,” he explained. He added that it is the board of directors who take decision on what,…

05 Sep

We’re Engaging Finance Ministry To Ensure Government’s Outstanding Debt Of ¢3.3bn Is Settled – SSNIT

wontumionlineBusiness2021 Auditor General’s Report, Finance Ministry, RSS Developers Ltd, SSNIT, unlisted

The Social Insurance and National Insurance Trust (SSNIT) has given indication that it is engaging the Ministry of Finance to ensure that the government’s outstanding debt of about ¢3.3 billion is settled. The 2021 Auditor General’s Report had revealed that the Government of Ghana owed the Trust ¢4.33 billion. However, in a statement, SSNIT said government has made some efforts to settle part of the indebtedness, adding “in 2020, two bonds totalling ¢1.0 billion were received as part payment of the indebtedness”. It chronicled how the debt came about, saying “the Controller and Accountant General Department (CAGD) as of December…