SSNIT is viable, hits upper trajectory
The Social Security and National Insurance Trust (SSNIT) said the active contributor base of the Trust hits over 1.5 million workers who are mostly in the formal sector and a pensioner population of over 200,000.
However, we have over 13 million workers in the informal sector, this simply means majority of informal sector workers are not guaranteed lifetime regular income replacement by way of pensions, Dr John Ofori-Tenkorang, SSNIT Director-General stated at Aburi during an engagement with media practitioners.
Dr Ofori-Tenkorang said the Trust has rolled-up modalities to extend social protection for the working-class Ghanaians who were not currently covered by the scheme.
“We have constituted a team that has been working on a product that is customized and suited to that market segment to be rolled out by 2020.
“We are working to change the perception of workers, make sure our stakeholders understand the business and operations of the Trust, the value the scheme provides and thereby pay their contributions voluntarily,” he said.
Mr Michael Addo, Deputy Director Finance and Administration, stating the financial position of the Trust, said a total revenue for 2015 was GH₵2,333,256,000.00 as against an expenditure of GH₵1,620,523,000.00.
He said in 2016 total revenue slipped by 15 per cent to GH₵ 1,965,725, while expenditure increased by 44 per cent to GH₵2,330,202,000.00 but due to prudent management, in 2017, total revenue appreciated by 52 per cent to GH₵2,990,836,000.00 as against an expenditure that went up by 12 per cent to GH₵2,619,154,000.00.
Mr Addo noted that however, in 2018, there was a decline in total revenue by 11 per cent to GH₵ 2,639,497,000.00, against a total expenditure that increased by 13 per cent over the previous year to GH₵2,962,521.000.00.
He said total Net Assets for 2015 was GH₵8.810 billion; in 2016, the figure decreased by five per cent to GH₵8.405 billion whilst in 2017, it increased by 13 per cent to GH₵9.518 billion.
The SSNIT Deputy Director explained that in 2018, the Net Assets decreased by three per cent to GH₵9.187 billion; stressing that expenditure includes pensions and benefit payments which was about 84 per cent of the amount spent in 2018.
Mr Addo noted that as the new Board and Management put in place measures to increase revenue, it is also focusing on the maintenance of optimal staff levels in all functional areas.
He said the provision of systems for effective management of staff, their morale, and career development as well as maintenance of industrial Peace and Harmony in the organisation.
He said other measures includes the provision of adequate logistics for optimum productivity; procurement of goods works and services; and provision of relevant training for enhanced staff performance.
Mr Addo noted that SSNIT had implemented a policy which requires all workers to wear visible identity tags for the security and safety of the staff and visitors to the Trust’s facilities.
He said the management has also introduced attendance monitoring, which has resulted in improved worker productivity and professionalism at work and an integrated biometric attendance system is slated to be deployed this year.
He said inherent promotion distortions for qualified staff who had not been promoted for six years and over had been rectified and this has promoted staff morale and worker productivity.
Mr Addo said management has also invested in staff training and was keen on developing and retaining the best human resources to help achieve the mandate placed on the Trust by the National Pensions Act.
“Vetting of academic certificates of staff was completed and several employees with fake certificates had their employment terminated, all Procurement activities within the Trust have been centralized.
“Stringent standards and controls have been instituted to ensure that Committees that evaluate all procurement tenders carry out their duties professionally and apply the law and the correct procedures for awards of contracts to ensure value for money,” Mr Addo stated.
Source: GNA