Total contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme have reached ₵6.8 billion.
This was captured in SSNIT‘s operations report for 2023.
Contribution collections for 2023 showed about a billion-cedi increase from the ₵5.8 billion collected in 2022. In 2021, contributions stood at ₵4 billion, while in 2020, SSNIT mobilized ₵5 billion.
Breakdown:
The 2023 operations report revealed that private sector contributions amounted to ₵4 billion, surpassing the target of ₵3.5 billion. This represents 113.9 percent of the targeted performance.
Public Sector Contributions:
By December 2023, public sector contributions amounted to ₵2.8 billion, falling short of the ₵4.8 billion target. This represents 66 percent of the target performance.
Benefit Payments:
During the same period, SSNIT paid out ₵5.4 billion in benefits. This resulted in a shortfall of ₵1.4 billion between contributions and benefit payments.
In 2022, total benefits amounted to ₵4.1 billion, while in 2021, they stood at ₵3.6 billion.
State of Membership:
The data indicated that active membership reached 1.9 million in 2023, reflecting significant growth over the past years.
According to the managers of the scheme, the company successfully retrieved ₵284 million in arrears.
Sustaining the Performance:
The management of the company has pledged to implement measures to help grow the scheme. Some of these measures include:
- Training and encouraging stakeholders, including the self-employed, to utilize the Trust’s digital platforms for contribution payments.
Sustaining the Performance:
The management of the company has pledged to implement measures to help grow the scheme. Some of these measures include:
- Training and encouraging stakeholders, including the self-employed, to utilize the Trust’s digital platforms for contribution payments.
- Collaborating with the Office of the Director General to engage high-profile employers or quasi-governmental institutions with significant debt to retrieve locked-up funds.
- Intensifying the enrollment of new SEED members and ensuring prompt payments.
