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The Social Security and National Insurance Trust (SSNIT) have paid more than GHC5 billion in pensions so far this year, according to its Director-General, Kwesi Afreh Biney.
Speaking on the Citi Breakfast Show on Thursday, 30 October, ahead of the Trust’s 60th anniversary, Mr. Biney said the figure reflected SSNIT’s financial strength and its continuing commitment to contributors and pensioners.
“This year alone, we paid in excess of five billion cedis in pensions. Is it sustainable? The trust will continue to evolve, we will continue to make it stronger, and we’ll put in systems to ensure that we never fail,” he said.
Mr. Biney acknowledged that while the Trust had faced challenges in the past, it had also used those experiences to strengthen its operations.
“The institution remains strong. There were challenges, but there were opportunities in there. I inherited challenges and positives, but we worked together to define a strategy for what the future will look like,” he said.
He pointed to SSNIT’s consistent record in meeting its obligations since it began operations, saying, “What I will say is that we have successfully paid pensions since 1965. In 1965, there were only three pensioners being paid. Today, we pay over 257,000 pensioners each month.”
Mr Biney also explained that SSNIT operates a defined benefit scheme, which ensures contributors’ pensions are guaranteed by the government.
“This is a defined benefit scheme, so it’s one that we have to pay. It’s what the government even has to guarantee as well. So there’s nothing like the trust will fail, for which reason people’s pensions will be in jeopardy, no,” he added.
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