Pensioners have been guaranteed that their pensions would be paid on a regular basis by the administration of the Social Security and National Insurance Trust (SSNIT).
According to a management statement released on Tuesday, November 30, SSNIT has taken notice of the issues made by the Africa Centre for Retirement Research (ACRR).
It informed all stakeholders and the general public that the SSNIT Scheme now has sufficient funds to pay all accumulating benefits due to Members and their legitimately nominated dependants.
The Scheme’s managers promise that the risks mentioned in the 2017 actuarial valuation study, which ACRR refers to, are being addressed. One of the most serious of these problems is the debt owing to the Scheme by employers.
“The Trust encourages and reminds employers to pay the social security contributions of their workers by 14th of the ensuing month to avoid paying penalties.
“However, where employers fail to do so, they have the option to negotiate terms of the settlement. Management of SSNIT initiates court action against defaulting employers who fail to take advantage of negotiations.
“Management of the Trust has not relented in its efforts to retrieve all arrears owed the Trust by employers to improve the sustainability of the Scheme. As of September this year, 7,951 criminal cases were pending in court against defaulting employers. Also, over 500 employers including Government, have arranged for terms of the settlement.
“It must be noted that Government has since 2017 paid GHS5.77 billion to clear social security contributions owed by successive governments. SSNIT continues to actively engage Government, the largest employer, to pay the contributions of its employees.
“In 2019, the Director-General of SSNIT hinted that the Trust was consulting stakeholders for possible reforms in the administration and funding of the basic social security scheme.
“The Trust, therefore, assures all Members and the public that it will continue to ensure prudent management of funds to enhance the long term sustainability of the Scheme.”
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SOURCE: 3NEWS
