SSNIT rebuts ILO claims, asserts Pension Fund solvency beyond 2036
In response to alarming predictions by the International Labour Organisation (ILO) regarding the depletion of reserves, the Social Security and National Insurance Trust (SSNIT) has vehemently refuted claims of impending financial insolvency.
SSNIT’s firm rebuttal comes amidst growing apprehension over the sustainability of Ghana’s pension system, as highlighted in the recent ILO report. Contrary to the report’s assertions, SSNIT asserts that it presently possesses adequate funds to honor its obligations to beneficiaries.
Emphasizing the underlying financial framework, SSNIT underscores that pension payments are sustained by contributions and robust returns from investments, rather than reliance on reserves.
Moreover, the Trust underscores a consistent growth trajectory in contributions, buoyed by demographic dynamics and proactive engagement strategies targeting new employers and contributors.
Crucially, SSNIT reassures stakeholders of the government’s steadfast commitment to meeting its contribution obligations on behalf of workers. With a flawless track record of pension disbursements since its inception in 1991, the Trust seeks to assuage any apprehensions regarding the scheme’s longevity.
In a resolute conclusion, SSNIT pledges to uphold prudent fund management practices, ensuring the fulfillment of benefit payment obligations well beyond the speculated 2036 horizon.
This response from SSNIT aims to dispel concerns surrounding the future of Ghana’s pension system, offering a steadfast assurance of financial stability and continuity for its members and the broader public.
