SSNIT on ILO report: Pension payments are not funded by our reserves
This comes after the International Labour Organisation’s (ILO) report, which indicated that the Trust cannot pay benefits by 2036 due to depleting reserves
The Social Security and National Insurance Trust (SSNIT) has said pension payments are not funded by it reserves.
This comes after the International Labour Organisation’s (ILO) report, which indicated that the Trust cannot pay benefits by 2036 due to depleting reserves.
According to the ILO, total income including contributions, investment income and other income, will no longer be sufficient to pay for annual expenditures, including benefit payments to pensioners, by 2036.
However, in a statement on Friday (26 April), SSNIT said it has never missed any pension payment period since 1991 when the scheme was introduced.
“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.”
Read the full statement below:
Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Azay FM 89.1 in Takoradi, Bead FM 99.9 in Bimbilla, Mining City 89.5 in Tarkwa, Sissala Radio 96.3 in Tumu, Somuaa FM 89.9 in Gushegu, Stone City 90.7 in Ho and Wale FM 106.9 in Walewale
Tune in to broadcasts online: asaaseradio.com, Sound Garden, and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming on facebook.com/asaase99.5. Also on YouTube: AsaaseXtra.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.
#AsaaseRadio
#TheVoiceofOurLand
#WeAreHere
#WeLoveOurLand
