The entire contribution collections to the Social Safety and Nationwide Insurance coverage Belief (SSNIT) pension scheme amounted to GH¢6.8 billion as of the top of December final yr. This accounts for 87.4% of the annual goal of GH¢7.87 billion.
Out of the quantity collected for the yr beneath assessment, the personal sector contributed GH¢4.1 billion as towards goal collections of GH¢3.5 billion, representing a constructive variance of 113 per cent.
Nevertheless, public sector contributions fell in need of the annual goal because the Belief collected solely GH¢2.9 billion, representing 66 per cent of the GH¢3.64 billion.
These got here to gentle on the first SSNIT Media Encounter for the yr at Aburi within the Japanese Area in the course of the weekend.
The Director-Normal of the Belief One Pension Scheme, Kofi Osafo-Maafo, mentioned regardless of the shortfall from the general public sector aspect, SSNIT was constantly partaking the federal government to make good its obligations.
“I’m completely satisfied to say that the federal government is heeding our name, regardless of all of the monetary constraints, and we are able to guarantee you all that the scheme is solvent and there’s, subsequently, no trigger for alarm,” he added.
He mentioned, for example, that the federal government launched GH¢2.5 billion to the Belief a few months in the past.
Mr Osafo-Maafo mentioned the quantity launched, GH¢2 billion, was in tradable bonds whereas the remaining was transformed into treasury payments, a growth he described as one in the best path and which the Belief was completely satisfied about.
Concerning the overall quantity owed to the Belief, he didn’t instantly say, besides so as to add that negotiations on curiosity to be paid every time there was a delay have been ongoing and expressed the hope that quickly that will likely be concluded and cost made.
On the aspect of the general public sector, he mentioned comparable engagements are ongoing and famous that when the assorted accounts are reconciled, what’s due the Belief will likely be taken to spice up its operational effectivity.
It was additionally additional revealed in the course of the numerous periods that the brand new wage cap on which a employee can contribute to the scheme is now pegged at GH¢52,000 on the most as towards final yr’s quantity of GH¢42,000.
Targets
Throughout some shows on the operations of the Tier One Pension Scheme, it was revealed that the general employer compliance fee was 85.3% as towards a goal of 90 per cent.
The general employee compliance fee was above a goal of 78% because the Belief achieved a efficiency fee of 92.7%.
Concerning the distinction between contributions collections and advantages funds, SSNIT collected GH¢6.88 billion and paid advantages to the tune of GH¢5.44 billion as of the top of the yr 2023, leaving a distinction of GH¢1.43 billion.
On arrears retrieved by prosecutions, the Belief managed to retrieve GH¢284 million from a complete of 4,068 circumstances filed in courts within the nation.
Going ahead
Going ahead, the Belief intends to coach and encourage stakeholders, together with the self-employed, to utilise the Belief’s digital platforms for contribution funds.
It additionally pledged to collaborate with the Workplace of the Director Normal to interact high-profile employers or quasi-governmental establishments with important debt to retrieve owed quantities whereas intensifying the enrolment of the brand new initiative christened Self Employed Enrolment Drive (SEED) members and guarantee immediate funds.
It mentioned the operational division remained resolute in its dedication to ship glorious providers to all stakeholders by methods resembling efficient monitoring and analysis of all department actions.
This can improve efficiency and in the end make sure the sustainability of the Scheme.