By Samuel SAM
The Northern Regional branch of the Pensioners Association has commended the Social Security and National Insurance Trust (SSNIT) management for its commitment to providing security, dignity and hope to retired pensioners in the country.
Since the scheme began paying monthly pensions in the early nineties, pensioners have been paid every single month according to what one earned. SSNIT has never reneged on the payment of pensions to pensioners.
We therefore call for protection of the scheme so that future generations can also benefit from their labour.
Northern Regional Chairman-National Pensioners Association of Ghana (NPAG), Njaawura Issah B. Yahaya, announced this at the SSNIT Pensioners’ Engagement 2024 – a programme for SSNIT pensioners who are 72 years or older in Tamale.
The event brought together staff of SSNIT, pensioners from the five regions of the North and other stakeholders to deliberate on issues of mutual interest.
It also provided an opportunity for SSNIT leadership to explain core functions of the organisation, as well as its sources of funding, investments and sustainability.
While some called for a reduction of Pensioners loans, others also commended SSNIT for being a savior to pensioners in the country.
According to Chief Yahaya, the negative calls to end the scheme would affect future generations and workers in the country will lose when the contract is abrogated.
“As for my fellow Pensioners, we will continue to advocate for the scheme’s protection and remind the younger generation that what they contribute today is an investment for their future,” he said.
“The pension scheme has become a critical national asset. SSNIT has been and will continue to be a lifeline for thousands of Ghanaians. We must safeguard, strengthen, improve and appreciate its value,” he added.
Director General-SSNIT Mr. Kofi Bosompem Osafo-Maafo, represented by Acting Corporate Affairs Manager Mad. Victoria Gifty Abaido, said SSNIT has never defaulted on pension payments since its inception; and is therefore capable of fulfilling its obligations to ensure the welfare of contributors when on retirement.
“We are committed in safeguarding SSNIT scheme for both current and the next generation to ensure the hardworking Ghanaian investment are save for reimbursement when on retirement” he said.
“In view of that, we have been improving our strategies for collecting contributions, managing costs effectively and making prudent investments.” he added.
He said SSNIT has registered more clients driven by the effective management of investment and controls – and is therefore committed to ensuring the welfare of self-employeds is also secured for a better future.
He assured that some measures have been put in place to ensure the scheme is sustainable for life and will be providing reliable financial security.
Chief Actuary at SSNIT Mr. Jospehn Poku said the scheme has been paying contributions of Pensioners promptly on the said dates and that the Scheme will be able to pay pensions and meet its financial obligations beyond 2036.
“Somewhere in April this year, it became topical in the media that SSNIT was going to collapse in the next 12 years; but we are here to reassure our stakeholders there is no truth in that,” he said.
He noted that “the scheme is not going to collapse anytime soon because we have men and women competent enough to manage the affairs of SSNIT”.
He urged pensioners not to be swayed by misinformation in the media but be assured that their investment is safe with the Trust.
