Management of the Social Security and National Insurance Trust (SSNIT) has reacted to claims by the International Labour Organisation’s (ILO) report, which indicated that the Trust cannot pay benefits by 2036 due to depleting reserves.
SSNIT in it’s response described the claims as false.
The ILO had claimed that total income including contributions, investment income and other income, will no longer be sufficient to pay for annual expenditures, including benefit payments to pensioners.
But SSNIT responding SSNIT said does not pay pension benefits with funds from its reserves.
The statement which was issued on Friday, April 26, added, “There has been steady growth in contributions. This growth is well supported by the current demographics and the dedicated activities of our staff in getting new employers and contributors to join the scheme.”
It stressed that the Trust has never missed any pension payment period over the past three decades.
SSNIT said the government is currently in the payment contributions on behalf of its workers, adding that, “Modalities are in place to service the outstanding contributions.”
“That investment income has been healthy and would offset any unexpected deficits that may arise,” the Trust assured.
Below is the full statement
By: Rainbowradioonline.com/Ghana
