Dr John Ofori-Tenkorang, the Director-General of the Social Security and National Insurance Trust (SSNIT) has iterated that the Trust remains an insurance, but not an investment company as many perceived.

According to the Director-General of SSNIT, last year alone, the Trust paid GH¢3.18 billion, and explained that the Trust insured occupational incomes to provide sound future financial security for formal and informal sector employees.

Dr Ofori-Tenkorang entreated contributors and pensioners not to allow themselves to be swayed or be deceived, assuring them that employees’ contributions and pensions are always secured with the Trust.

Dr. Ofori-Tenkorang made this known while speaking at an educational engagement forum on the Trust’s pensions in Sunyani. The Director General noted that the entitlement or pension right of contributors are measured by their salaries and one’s number of years in active service.

Dr Ofori-Tenkorang averred that the Trust was set up by a statute and has several benefits for contributors, explaining that only employees between 15 and 45 years could join and contribute to the Trust.

Dr Ofori-Tenkorang called on all branch Managers of the Trust to endeavour to sit down with workers, listen to them and address their pressing concerns and grievances. He stressed on the need for managers to build and strengthen good relationships with both formal and informal sector employees and avail themselves adequately to address issues relating to their contributions in order to get the best out of them.

Pension Contributions Guarantee Future

Dr Ofori-Tenkorang emphasised that workers’ contributions and pensions guarantee their future security, insisting that all issues relating to pensions ought to be given the necessary attention.

The Social Security and National Insurance Trust Director reassured pension contributors that “your investments with are safe, secure and healthy”.

The Director General, moreover, indicated that in the last four years, management has been working assiduously to ensure that all the legacy issues, most of which bordered on investments in commercial and residential properties that affected the future of the scheme, are addressed.

With regards to the query about some people still taking money from SSNIT on behalf of a deceased, Dr Tenkorang noted that the occurrence has been dealt with.

“Rather, since the last four years, we have been able to work to delete ghost names from our payroll, which resulted in the trust saving more than GH¢144 million as of the end of 2020.”
Dr John Ofori-Tenkorang

The Director noted that measures, including biometric verification of pensioners, has helped in that process and gave an assurance that, more work is being done to ensure that the payroll is completely devoid of ghost names in order to fully protect the contributions of workers on the scheme.

Mr Joshua Ansah, the Deputy Secretary-General of the Trade Union Congress (TUC), on his part, advised employees to prepare adequately for retirement by joining pension schemes.

The SSNIT organised the forum to sensitize leaders of the Trade Union Congress (TUC) drawn from the Bono, Bono East and Ahafo Regions.