Director General of the Social Security and National Insurance Trust, Dr. John Ofori-Tenkorang, says the scheme offers unique benefits and provides value that no other pension product offers.
He said the scheme provides old age pension, survivors lump sum, invalidity, and emigration lump sum.
He disclosed this while addressing a forum organised in collaboration with the Trade Union Congress (TUC) on the Self-employed Enrollment Drive (SEED).
Speaking at the event, the Director-General explained that SEED is an initiative that guarantees contributors who qualify for regular sources of income a monthly pension from old age until death and offers disability insurance to contributors in the event of invalidity, among others.
He noted that it would also provide a life policy by paying the survivors of members who pass on lump sums.
According to him, it also exempts members from paying National Health Insurance Scheme (NHIS) charges and, most of all, assures that every worker gets social protection.
He explained that a member on pension for seven years as of 2022 has had an overall pension increment of more than twice the initial pension, while a member on pension for 17 years as of 2022 has had an overall pension increment of more than 11 times the initial pension.
Aside from that, a member on pension for 22 years as of 2022 has had an overall pension increment of 40 times the initial pension.
He stressed that the SSNIT Pension gives superior value to invested member contributions and paid over Ghc3.61 billion in 2022 to contributors.
Invalidity Pension
He further disclosed that SSNIT paid over Ghc20.6 million in invalidity pensions to 1,461 invalid pensioners in 2022.
An invalidity pension is paid monthly to a member who is declared permanently unfit to work due to a physical or mental disability, regardless of age.
The qualifying conditions are 12 months of contributions in the last 36 months before the incident occurred.
After receiving pensions, all existing contributions remain valid, and members can continue contributing to the scheme and be eligible for any of the benefits in full
He went on to disclose that SSNIT paid over Ghc471 million as survivors lump sums, which are paid when a member dies in active service or a pensioner dies before age 75.
To qualify, the member should have contributed a minimum of 12 months prior to the death.
Dependents should have been nominated by a deceased member, and they should have been included in the list of nominees through the law courts.
By: Rashid Obodai Provencal/Rainbowradioonline.com/Ghana
