By Amid a report by the International Labour Organization (ILO) projecting SSNIT’s incapacity to fully meet its contributors’ payments by 2036, the National Association of Graduate Teachers (NAGRAT) has called for a comprehensive overhaul of the Social Security and National Insurance Trust (SSNIT) management.
The ILO report outlines SSNIT’s potential shortfall in maintaining annual expenditures and pension benefits by 2029, attributing it to insufficient contributions and investment income. It further suggests measures such as increasing contributions.
Joseph Poku, SSNIT’s Chief Actuary, supports the proposal but underscores the importance of SSNIT following procedural steps before implementing any increase exceeding 18.5% of workers’ basic salary.
In an interview with Joy News, Angel Carbonu, the President of NAGRAT, vehemently opposed any move by SSNIT to hike contributions.
He queried the logic behind raising the contribution rate given the management’s apparent shortcomings. Additionally, he challenged the push for additional funds when an international body has flagged imprudent management of the institution.
Carbonu reaffirmed his position on the need for a change in SSNIT’s management. He stated, “I don’t think I would ever support any increment. I would rather advocate for a change in SSNIT’s governance structure, ensure more representation of contributors on the SSNIT board, and insist on adherence to rules and regulations in investing people’s money.”
