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Business News of Thursday, 3 May 2018


SSNIT assures workers of prosperous retirement

The Social Security and National Insurance Trust (SSNIT) has assured workers that their pension funds are prudently being managed to secure a bright future for them.

Commenting on this year’s May Day Celebration themed, ‘Sustainable Development Goals and Decent Work: The Role of Social Partners,’ the Director-General of SSNIT, Dr John Ofori-Tenkorang, said SSNIT as the Tier One Pension Fund Manager, has been able to judiciously manage and secure pension funds of workers which makes the future bright for contributors and pensioners.

He said management has employed organizational efficiency, good technology, effective leadership and sound investment strategies to ensure workers’ social protection.

“We will continue to make pensioners the focus of SSNIT operations in order to improve their welfare. We shall protect contributors in their old age, workers who become invalid and to support their survivors to cope when they pass on,” he assured.

Dr Ofori-Tenkorang said contrary to fears that some workers seem to harbour in the light of disclosures in the PricewaterhouseCoopers Audit Report and OBS controversies, the Trust has been able to build a cash reserve of about GH¢1 billion in treasury instruments and its Fund Reserve reached GH¢978 million in 2017.

He said total investment assets increased by 12.2 percent to GH¢9.2 billion in 2017 from GH¢8.2 billion in 2016 while a total of GH¢2.2 billion was paid to 189,549 pensioners in 2017 as compared to a payment of GH¢1.7 billion to 174,164 pensioners in 2016.

Dr Ofori-Tenkorang said SSNIT has succeeded in getting government to agree to pay interest at treasury bill rates on deductions owed the Trust on behalf of staff on the Accountant-General’s payroll.

The Trust, he said, has undertaken various cost-cutting measures to reduce high administrative costs in areas such as foreign travels, medical bills and procurement of Christmas hampers.

Dr Ofori-Tenkorang said the Trust would continue to work hard to make the financial position of the Trust stronger and called on employers to pay social security contributions on behalf of their workers promptly to secure their future.