SSNIT projects to pay GHC4.0 billion to pensioners this year – Dr John Ofori-Tenkorang

The Social Security and National Insurance Trust (SSNIT) projects to pay a total of GH¢4.0 billion to pension beneficiaries in the country in 2022.

Currently, the Trust has total pensioners of 230,831 across the country.

Director-General of SSNIT, Dr John Ofori-Tenkorang, who disclosed this at the 2022 Employers Breakfast Meeting in Accra on Tuesday, said the Trust as of September 2022, had paid a total of GH¢2.67 billion to pensioners.

“In September 2022 alone, the Trust paid GH¢280.07 million to about 230,831 pensioners,” he said.

Third in the series and attended by employers from Greater Accra Eastern Region, the programme was as on the theme “Sustainability of the SSNIT Scheme – The Role of Employers.”

The Director-General indicted that in 2021 the Trust paid a total of GH¢3.61 billion to pension beneficiaries and in 2020 an amount of GH¢3.3 billion was also paid to pensioners.

He said the highest pension earner received GH¢142,564.97 per month, while the lowest-earning pensioner gets GH¢300.00.

He explained that the portfolio of funds being managed by the SSNIT was helping promote the socio-economic development of the country and helping pensioners to eke out a better living.

Dr Ofori-Tenkorang said SSNIT currently had active contributors of 1.7 million, with private sector constituting 1,130,069, representing 63 per cent, public sector 649,072, representing 36 per cent and the self-employed 17,006, representing one per cent.

He said the Trust was working to enroll more workers on the scheme, saying the country currently had a workforce of 11.5 million with 9.9 million employed.

“SSNIT will roll out a comprehensive campaign to register self-employed persons and informal sectors onto the Scheme,” Dr Ofori-Tenkorang, said.

The Director-General disclosed that at the end of May 2022, the Trust had retrieved more than GH¢101.38 million through court action and the total number of cases within the same period also stood at 10,365.

Dr Ofori-Tenkorang said so, far, 1,279,849 active members have merged their SSNIT and Ghana card numbers.

 He said SSNIT is a statutory public institution charged under the National Pensions Act, 2008 (Act 766 as amended by Act 883), with the administration of Ghana’s Basic National Social Security Scheme.

Its mandate is to cater for the First-Tier of the Three-Tier Pension Scheme.

He said currently, the Trust is the largest non-bank financial institution in Ghana.