SSNIT SCHEME IS RESILIENT AND HAS STRONG FUNDAMENTALS TO COLLAPSE, TRUST US- KOFI OSAFO MAAFO

The Director General of the Social Security and National Insurance Trust (SSNIT), Mr. Kofi Bosompem Osafo-Maafo, has emphatically stated that the SSNIT scheme is resilient with strong fundamentals.

According to him, the scheme has greatly benefited pensioners, showing massive growth, and is here to stay.

Speaking to the media during an engagement between SSNIT and academia in Accra, Mr. Osafo-Maafo addressed concerns sparked by an International Labour Organization (ILO) report projecting SSNIT’s reserves to deplete by 2036. The report suggests beneficiaries will face difficulties starting 2029 due to decreasing contributions, investment income, and insufficient funds to cover annual expenditures.

However, Mr. Osafo-Maafo acknowledged the report’s impact on the scheme and pensioners, emphasizing the need to engage stakeholders and clarify prospects. He considers academia crucial for informing changes to SSNIT plans and policies.

“The academia are an essential part of SSNIT, and we believe engaging them is vital for making informed decisions,” he said. This initial engagement will be followed by more discussions with academia.

Mr. Osafo-Maafo prioritized sustainability, assuring pensioners that SSNIT will endure without collapse. He highlighted improved performance since COVID-19 in investments, net contributions and cost management. He urged members and employers to contribute to the scheme, enhancing pension payments.

Source: Mymctvonline.com || Frank Eshun