The Social Security and National Insurance Trust (SSNIT) has refuted claims indicating potential challenges in meeting its financial commitments to beneficiaries in the future, as outlined in the 2020 International Labour Organization Actuary Report.
Recognizing the speculative nature of the report’s conclusions, the Trust unequivocally stated that these forecasts do not reflect the present circumstances.
Speaking to reporters in Accra on Monday, Joseph Poku, SSNIT’s Chief Actuary, affirmed that the scheme remains strong and adequately equipped to support contributors.
“You cannot lift everything in there and say SSNIT is collapsing in the next 12 years; it is far from the truth. These are the processes…You take a period of 75 years and then, based on reasonable assumptions, you make projections. But remember, if you alter the assumptions, the results will differ. So, don’t take the report at face value; consider it alongside the underlying assumptions,” he further stated.
Mr. Poku further clarified that although there have been occasional delays in government contributions, the government has fulfilled its commitments up to January 2024. Ongoing discussions are in progress to ensure sustained support.
“Monthly contributions have been paid up to January 2024,” he said, adding “While we recognize that March payments should have been made by now, it’s important to note that the government has fully covered January’s contributions, and part of February’s as well. Any delays are minimal, considering the overall timeline,” he said.