Social Security and National Insurance Trust (SSNIT’s) Director General, Kofi Bosompem Osafo-Maafo, has underscored the Trust’s unwavering commitment to timely pension payments, with no defaults recorded since its establishment.
He pointed out that SSNIT provides the most secure investment option for contributors, especially those who are self-employed.
He said SSNIT is improving its services, hence the launch of the Digital Bouquet, which includes a new website and portal, an upgraded USSD platform, and the much-anticipated SSNIT Mobile App.
To those running their own businesses, Mr. Osafo-Maafo encouraged them to sign up with SSNIT to enjoy the peace of mind that comes with the assurance of a monthly pension in retirement for life, along with other benefits.
He also stated that the SSNIT Scheme offers superior value compared to investments in secure long-term options such as Treasury bills.
He made the remarks at the 2024 breakfast meeting held on Thursday, September 5, 2024, on the theme “Maximising the Use of Digital Platforms to Improve Contribution Collection and Payments”.
The Employers Breakfast Meeting (EBM) is an annual event led by the Director-General of SSNIT to engage compliant employers and to also meet other stakeholders to provide clarity on any issue they may have and further enhance the good working relationship that exists between the Trust and employers.
He stressed that the goal of SSNIT is to offer lifetime financial security to all workers in Ghana through a reliable source of income upon retirement.
He said the inclusion of self-employed workers reflects SSNIT’s commitment to providing sustainable support for all members.
He told the participants that social security yields significant economic benefits, including reducing old-age poverty, decreasing dependency on family and social services, providing financial security in retirement, and increasing productivity.
He also highlighted the long-term benefits of the SSNIT Scheme, such as lifetime pension payments, annual pension increases, and the assurance of up to 60% of the average of a member’s best three years’ salaries, depending on contribution duration.
Kofi Bosompem Osafo-Maafo said SSNIT is currently delivering its services digitally with the aim of ensuring that the services being offered make life much easier for contributors and the scheme in general.
He added that a lot of people in SMEs are really, really underpaying themselves to simply avoid contributing to SSNIT, asking that it is a false economy and that is what the data shows. For the eleven percent net that comes to SSNIT, the benefits are really significant. So we encourage all of you to contribute to SSNIT and contribute fully to SSNIT.
The whole emphasis of SEED is to capture everybody and eliminate the issue of old age poverty and extend SSNIT to every single worker to ensure we are all covered to enjoy the full benefits. One of the points to make to the self-employed is that SSNIT has not really defaulted in paying pension. That’s a fact. SNNIT has paid pension on time since inception. It is the most secured place you can put your money.”
On investments, he disclosed that SSNIT is seeing good growth in their assets under management while diversifying their investments and running the assets prudently, and “we have significant investments in growing sectors of the economy. We are the largest investors in the bank sector. We are one of the largest investors, certainly in the listed telecom sector, and there are other sectors as well where we play a pivotal role. So we want to assure you that we will continue to manage your assets prudently in order to improve the sustainability of the scheme.”
By: Rainbowradioonline.com/Ghana
