The Social Security and National Insurance Trust (SSNIT) has launched ‘Y3 WO ABON TEN’ (Market Storm), an initiative aimed at increasing awareness of the Self-Employed Enrolment Drive (SEED) recently introduced to extend pension coverage to the self-employed and workers in the informal sector.
SEED was launched by SSNIT to help redefine social security and give hope to self-employed people so that they can also retire in dignity and comfort and reduce overdependency on family and friends.
To help get more self-employed persons to register, SSNIT has launched the ‘Y3 WO ABON TEN’ (Market Storm), which will see officials of SSNIT storm markets and other self-owned businesses register on SSNIT.
SSNIT will be doing this on the last Friday of every month.
Speaking at the launch on Friday, August 25, 2023, Deputy Director of SSNIT in Charge of Finance and Administration, Mr. Michael Addo, said the campaign will bring services closer to self-employed workers.
He said that compared to any other insurance policy, SSNIT is the only one that provides lifelong benefits to contributors.
He said the trust is a public institution mandated to provide pension coverage to every eligible worker in Ghana.
However, as good and secure as the pension we provide is, only about 2% of the 1.9 million (1,905,246) workers who have insured their incomes with us are self-employed.
“This means several millions of workers have no assurance of monthly pensions during their old age and this is heartbreaking and scary.”
He explained that SSNIT took a bold step by rolling out the SEED to address this challenge and reduce the burden placed on people in active service to take care of their elderly parents.
He said SSNIT is not going to wait for the self-employed to come to our offices.
“That is why we are launching this Market Storm, dubbed y3 w) abonten. Through y3 w) abonten or as we will say in Ga w) y3 agbonaa, our staff will storm targeted business enclaves on the last Friday of every month to educate and enrol self-employed and informal sector workers onto the Basic Social Security Scheme to guarantee them hope of a decent retirement. For this reason, you will find us in their offices, at the markets, at the trotro/taxi stations, churches, mosques, community centres, events and on the streets,” he added.
He said “Our quest is to ensure that self-employed workers also remain financially independent even during their old age or when they are unable to work again due to permanent invalidity.”
He argued that the SSNIT scheme, is the only scheme at the moment that provides protection against loss of income, disability and cover for survivors without having to pay multiple premiums.
“We pay Old Age Pension. This benefit is paid every month to every retired Member, 55 years or older who has contributed for a minimum 180 months or 15 years. The pension is paid on the third Thursday of every month like clockwork with annual increment until death. No Scheme in Ghana offers this
Another good news is that the SSNIT Pension gives superior value compared to a member’s contributions with interest. So, if you invest whatever you pay as monthly SSNIT contributions in some secure investment like the Treasury Bill, what well pay you throughout your retirement far exceeds the investment you made plus accrued interest.
Also, with only 11% of your income, you are guaranteed up to a maximum of 60% of the average of your three years’ best annual incomes, depending on the number of years you have contributed. So, we are saying, fa eleven b3gye 60. K3 eleven abahe 60.
Again, we pay Invalidity Pension for life regardless of age, with as little as 12 months’ contributions within the last three years before a Member became incapable of working again.
So if you think age 60 is far off, know that permanent invalidity can happen at any point in our lives.”
He further posited that “Every self-employed worker in the formal or informal sector, whether you are a trader or a lawyer, a commissioned income earner or an artisan – the Scheme is for you. Make it a priority to register, contribute and retire comfortably tomorrow. All it takes is you must be between the ages of 15 and 45 years to be eligible. And remember, the longer your contribution period, the better your pension. It is, therefore, in your interest to start contributing early.
Also, the higher the contributions you make, the better the pensions you receive. You must take full advantage of the Scheme because what is interesting is that the person who takes the highest monthly pension (GHS 169,000) is a businessman.
If you were once a contributor, speak to us to reactivate your membership by continuing with your contributions using the account you already have. Your previous contributions are still intact. Nothing is lost.
We have simplified payment of contributions. Simply dial 7119# on any mobile network to make your SSNIT payment. Transactions on this platform are e-levy exempt,” he concluded.
In her welcome address, Deputy Director General in Charge of Operations and Benefits, Ms. Pearl Nana Ama Darko, said the initiative is one of the four key internal activations or strategies aimed at encouraging the uptake of the Self-Employed Enrolment Drive (SEED).
She said, “When we launched SEED in Kumasi quite recently, we indicated our readiness to activate a number of strategies to enable us reach out to a wider audience to educate them on the value proposition of the Scheme and the benefits it provides for self-employed persons.
So, in our quest to achieve these objectives, we have deployed a 360-degree marketing communication campaign to create top-of-the-mind awareness of SEED. The deployment of a 360-degree marketing communication strategy is fairly driving the interest and publicity of the initiative with staff storming the streets with the message of SEED. “
She encouraged the staff of the company to fully participate in the activation to ensure that more self-employed people are registered on SSNIT.
“Now, it’s time for us as staff to go out there in the markets and storm targeted business enclaves to educate and enrol self-employed persons and workers in the informal sector onto the SSNIT Scheme. This activity will not be a one-off event, but will be held on the last Friday of every month.
Colleague Members of staff, this activity must be prioritised by all. We must be involved, irrespective of our job schedule or rank, to ensure that self-employed persons understand the value the Scheme offers and voluntarily join to safeguard their future. On this note, I applaud the SSNIT Ladies Club for spearheading today’s Market Storm.
So, instead of sitting comfortably in our offices and expecting potential clients to come and enrol with SSNIT, we are now taking our services closer to them.
Already, our staff are in churches, mosques, community centres, events centres, and on the streets preaching the good news of SSNIT and its benefits. Our aim is to ensure that self-employed workers also remain financially independent during their old age or when they are unable to work again due to permanent invalidity.
Every staff (member) is assigned to enrol at least three self-employed workers each month. As you storm the markets and various busy enclaves today, make friends, speak to them, encourage self-employed persons to join the Scheme and maintain the relationships to ensure they voluntarily pay their contributions consistently.
Distinguished ladies and gentlemen, let me conclude by stating that we are mandated by the National Pensions Act, 2008, Act 766 to provide income security for ALL workers in Ghana and that no one should be left behind as we seek to reduce old age poverty. On this note, I welcome you to the launch of Yε wↄ Abↄnten and Ladies Market Storm. Thank you very much for joining us for this important event.”
By: Rainbowradioonline.com/Ghana
