
Dr. John Ofori-Tenkorang, SSNIT Director-General
Management of the Social Security and National Insurance Trust (SSNIT) has met with leaders and members of the Muslim community to find ways to expand coverage of the Scheme to self-employed workers.
The meeting, held in Accra, forms part of a series of engagements to seek stakeholder buy-in and support for the new expansion drive of the SSNIT Scheme.
Presently, just about 14,000 self-employed workers contribute to the SSNIT Pension Scheme. The low coverage is attributed to the nature of the economy of the country, where most people are engaged in their businesses and do not see the need to enrol in the Scheme.
Necessity
Speaking at the event, SSNIT Director-General, Dr. John Ofori-Tenkorang, said it has become necessary to extend coverage to informal sector workers, not only to increase the active membership and contributor base, but also to ensure that every worker in Ghana enjoys social protection.
He believes it will help reduce poverty and over-dependence on family relations and friends during old age.
In his presentation, Dr. Ofori-Tenkorang explained that the SSNIT Scheme is a contract and pays 60 percent of the highest insured amount to members during retirement, further stressing that once a Member qualifies for a pension, the person receives a monthly pension for life subject to an annual increase.
Call for more
On his part, the spokesperson for the National Chief Iman, Sheikh Aremeyaw Shaibu, lauded SSNIT for spearheading such an initiative to extend coverage.
He entreated the Trust to organise such fora often to help deepen knowledge and understanding of the Scheme.
A representative from the Office of the National Chief Iman, Mr Mamah Gado Mohammed, also commended the Trust for organizing the stakeholder meeting.
About SSNIT
The Social Security and National Insurance Trust (SSNIT or the Trust) is a statutory public institution charged under the National Pensions Act, 2008 (Act 766 as amended by Act 883) with the administration of Ghana’s Basic National Social Security Scheme.
Currently, the Trust is the largest non-bank financial institution in Ghana. Its mandate is to cater to the First-Tier of the Three-Tier Pension Scheme.
The SSNIT Scheme replaces part of the lost income of Members due to Old Age, Invalidity or upon the death of a Member, where nominated dependant(s) receive a lump sum payment. It also pays Emigration benefits to non-Ghanaian Members who are leaving Ghana permanently.
The SSNIT Pension Scheme has an active membership of over 1.7 million. In June 2022, the Trust paid a total of GHC277.13 million to some 228,367 pensioners. The highest pension earner receives GHC142,564.97 per month, while the lowest-earning pensioner gets GHC300.00.