Management of the Social Security and National Insurance Trust (SSNIT) has held stakeholder a meeting with leaders of Churches and Christian Organisations to find ways to expand and deepen coverage of the Basic National Social Security Scheme to self-employed workers.
The meeting, held today in Accra, forms part of a series of stakeholder engagements to seek stakeholder buy-in and support to extend coverage of the SSNIT Scheme to the self-employed and workers in the informal sector.
Presently, over 14,000 self-employed workers contribute to the SSNIT Pension Scheme. This low coverage is attributed to the nature of the economy of the country, where most people are engaged in their businesses and do not see the need to enrol onto the Basic National Social Security Scheme.
Speaking at the event, the Director-General of SSNIT, Dr. John Ofori-Tenkorang, said it has become necessary to extend coverage to informal sector workers not only to increase the active membership and contributor base of the Scheme, but also to ensure that every worker in Ghana enjoys social protection. This, he added will help reduce poverty and over-dependence on family relations and friends during old age.
In his presentation, Dr. Ofori-Tenkorang explained the benefits of the SSNIT Scheme and the value they provide to Members, further stressing that once a Member qualifies for pension, the person receives monthly pension for life subject to an annual increase.
The SSNIT Scheme offers unique benefits and provides value that no other Pension product offers. The Scheme gives superior value to invested Members’ contributions. The Trust pays minimum pension by subsidising pensions for pensioners whose salaries were woefully low during active service”.
“The Scheme pays invalidity pension regardless of age and with minimal contribution and also the SSNIT Scheme provides a life policy by paying survivors when a Member passes on”, he enumerated.
In his opening remarks, the Chairman of the occasion, Most Rev. Dr. Aboagye-Mensah, lauded SSNIT Management for spearheading such an initiative to extend coverage of the SSNIT Scheme to self-employed workers.
He explained that although some ministers retire and receive monthly pension from SSNIT which is augmented by in-house benefits paid by the church, most of its members, largely self-employed are not under any structured social security scheme.
The former Presiding Bishop of the Methodist Church, Ghana, noted that the church has a responsibility to promote the holistic development of Christians in the country by ensuring adequate preparation is made for a better life when people retire from active service.
“Most people believe the SSNIT Scheme is for formal sector workers. In the past, SSNIT has not reached out enough but I am happy we have this engagement today”, he noted.
The meeting was attended by representatives of the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council, Church of Pentecost, Methodist Church, Action Chapel among others.
About SSNIT
The Social Security and National Insurance Trust (SSNIT or the Trust) is a statutory public institution charged under the National Pensions Act, 2008 (Act 766 as amended by Act 883) with the administration of Ghana’s Basic National Social Security Scheme.
Currently, the Trust is the largest non-bank financial institution in Ghana. Its mandate is to cater for the First-Tier of the Three-Tier Pension Scheme.
The SSNIT Scheme replaces part of the lost income of Members due to Old Age, Invalidity or upon the death of a Member, where nominated dependant(s) receive a lump sum payment. It also pays Emigration benefits to non-Ghanaian Members who are leaving Ghana permanently.
The SSNIT Pension Scheme has an active membership of over 1.7 million. In May 2022, the Trust paid a total of GH¢276.87 million to some 228,524 pensioners. The highest pension earner receives GH¢142,564.97 per month, while the lowest-earning pensioner gets GH¢300.00.
By: Rainbowradioonline.com/Ghana