The Social Security and National Insurance Trust (SSNIT) has refuted claims that it could encounter difficulties in fulfilling its financial commitments to beneficiaries in the future, as indicated in the 2020 International Labour Organization Actuary Report.
SSNIT emphasized that the report’s predictions were merely speculative and not reflective of the actual circumstances. The Scheme affirmed that it is well-positioned to meet its obligations despite the concerns raised in the report.
Addressing journalists in Accra on Monday, Joseph Poku, Chief Actuary of SSNIT, reassured contributors that the scheme remains robust and well-positioned to cater for their needs.
“You cannot lift everything in there and say SSNIT is collapsing in the next 12 years; it is far from the truth. These are the processes…You take a period of 75 years and then, based on reasonable assumptions, you make projections. But remember, if you alter the assumptions, the results will differ. So, don’t take the report at face value; consider it alongside the underlying assumptions,” he further stated.
Mr Poku also clarified that despite occasional delays in government contributions, the government has fulfilled its commitments up to January 2024. Ongoing engagements continue to ensure sustained support.
“Monthly contributions have been paid up to January 2024,” he said, adding “While we recognize that March payments should have been made by now, it’s important to note that the government has fully covered January’s contributions, and part of February’s as well. Any delays are minimal, considering the overall timeline,” he said.
