SSNIT to pay GHC3.3 billion to pensioners in 2021

Over GHC 3.3 billion is expected to be paid as benefits to pensioners at the end of this year by the Social Security National Insurance Trust (SSNIT).

The director general of SSNIT, Dr John Ofori Tenkorang, who disclosed this at a stakeholders’ breakfast meeting, said SSNIT has already paid about GHC2.7billion to about 220,000 pensioners registered with the scheme as at the third quarter of this year.

Dr Tenkorang indicated SSNIT’s commitment towards contributing to improving the lives of all contributors and their dependants. He thus urged employers to pay the SSNIT contributions of their employees on their right earnings, and not state meagre earnings for the employees, adding that it will affect adversely their pensions on retirement.

“As we speak, over 80% of workers in Ghana contribute GHC275.00 or less each month towards pensions for SSNIT. This means they have declared salaries of GHC2,500.00 or less to us. Should the contributions remain unchanged, 80% of members will receive pensions of GHC1,500.00 or less when they retire”.

“So, ensure your workers receive meaningful pensions when they retire by contributing on their right salaries”.

Dr Tenkorang also revealed plans by SSNIT to get the informal sector to register with what he called “most reliable” pensions scheme. The action by SSNIT will target the about 80% workforce under the informal sector.

He debunked rumours that SSNIT was strictly for the formal sector, adding that “it is about time that we got out of our offices and engaged people to let them know that they too are entitled to insure the incomes that they are making for the future”.

The stakeholders meeting sought to strengthen the relationship that exists between SSNIT and employers.

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