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

This comes as a response to concerns raised by some quarters regarding the consistency of pension payments.

He said the Trust had over the years consistently exhibited tremendous improvement and efficient performance in its operations.

Addressing journalists at the 2024 breakfast meeting held on Thursday, September 5, 2024, on the theme “Maximizing the Use of Digital Platforms to Improve Contribution Collection and Payments”, he pointed out that SSNIT provides the most secure investment option for contributors, especially those who are self-employed.

He outlined the introduction of various digital services; including a mobile app and other online platforms designed to facilitate seamless engagement between contributors and the trust.

Regarding investment income, he stated that it has been healthy and could offset any unexpected deficits that may arise.

During the event, the Director General told the participants that social security yields significant economic benefits, including reducing old-age poverty, decreasing dependency on family and social services, providing financial security in retirement, and increasing productivity.

Director General, Kofi Bosompem Osafo-Maafo, SSNIT

The Director General also highlighted the long-term benefits of the SSNIT Scheme, such as lifetime pension payments, annual pension increases, and the assurance of up to 60% of the average of a member’s best three years’ salaries, depending on contribution duration.

Additionally, he said the Trust is currently delivering its services digitally with the aim of ensuring that the services being offered make life much easier for contributors and the scheme in general.

The Employers Breakfast Meeting (EBM) is an annual event led by the Director-General of SSNIT to engage compliant employers and to also meet other stakeholders to provide clarity on any issue they may have and further enhance the good working relationship that exists between the Trust and employers.

Source: mymmctvonline.com || Frank Eshun