The Social Security and National Insurance Trust (SSNIT) has announced a significant cost-saving measure, and revealing that the removal of ‘ghost pensioners’ from its payroll has saved the organization GH¢519 million.
This was disclosed by SSNIT’s Director General, Mr. Kofi Osafo-Maafo, at a media briefing in Accra.
Mr. Osafo-Maafo provided insights into SSNIT’s ongoing efforts to enhance its operations and investments. He emphasized that the Trust continues to offer unparalleled retirement benefits, boasting significant pension increases for its members over time. For instance, pensions have seen a cumulative increase of 3,684 percent over 22 years, 1,026 percent over 17 years, and 132.21 percent over 7 years.
Addressing concerns about the Scheme’s financial stability, Mr. Osafo-Maafo dismissed claims of potential insolvency, referencing an International Labour Organisation (ILO) report that he argued was insufficient to declare the Scheme financially troubled. He reassured stakeholders that SSNIT is implementing robust measures to ensure its longevity and prosperity.
“We are committed to thriving, not merely surviving, in this market. The notion that we are running out of funds is unfounded,” he stated.
Mr. Osafo-Maafo also outlined plans for operational improvements and expanded coverage.
He highlighted efforts to manage funds prudently and reduce debts owed by both public and private sector employers.
Additionally, he encouraged more individuals to join the Scheme, underscoring ongoing technological advancements and strategic initiatives aimed at maintaining efficiency and effectiveness in the future.
