The Social Security and National Insurance Trust (SSNIT) has recently launched the 2023 Mobile Service Week (SMS) in Sunyani, located in the Bono Region. This annual nationwide program aims to bring SSNIT services closer to the public, particularly workers who are self-employed, and encourage them to join the scheme. The theme for this year's event is "Choose your tomorrow; Sign up for SEED from SSNIT."
With over 1.9 million active members, the SSNIT Pension Scheme plays a crucial role in providing financial security to retirees. In November 2023 alone, the Trust disbursed a total of GH¢376.73 million to 242,322 pensioners. The highest-earning pensioner received GH¢169,725.89 per month, while the lowest-earning pensioner received GH¢300.
During the launch of the Mobile Service Week, the Minister of Employment and Labour Relations, Ignatius Baffour Awuah, emphasized the importance of expanding the pensions industry beyond the public sector. He urged the self-employed, including traders, artisans, and farmers, to join the SSNIT scheme to secure their future.
Mr. Baffour Awuah highlighted the need for workers in both the public and private sectors to plan for their retirement. Relying solely on relatives or society for support in old age can be a risky proposition. He emphasized that placing one's retirement income security in someone else's hands could leave them vulnerable and in a state of despair during their twilight years.
To encourage self-employed individuals to enroll in the SSNIT Scheme, the Self-employed Enrolment Drive (SEED) initiative was introduced. This initiative allows the self-employed, whether in the formal or informal sector, to insure their incomes in exchange for decent pensions upon retirement. Mr. Baffour Awuah emphasized that signing up for SEED should not prevent individuals from exploring other pension products available on the market to enhance their accrued benefits.
Since the launch of SEED six months ago, the number of self-employed members on the SSNIT Scheme has grown significantly from 14,000 to approximately 57,000. This means that more than 600,000 self-employed individuals now have some form of social security coverage under the three tiers of the National Social Security Scheme.
Highlighting SSNIT's reliability and resilience, Mr. Baffour Awuah stated that the Trust's assets under pensions are close to GH¢50 billion. He stressed that all workers in Ghana, except those specifically exempted by law, must be enrolled in the SSNIT Scheme to ensure a certain minimum level of social protection cover exists for workers.
Dr. John Ofori-Tenkorang, the Director-General of SSNIT, provided further insights into the coverage of the SSNIT Scheme. Currently, approximately 60% of the 3.2 million workers in the formal sector are covered by SSNIT. However, out of the 6.7 million self-employed workers in Ghana, only 57,000 (1.8%) are covered by SSNIT. Dr. Ofori-Tenkorang assured eligible individuals who have not yet enrolled in the Tier One pension scheme that SSNIT will continue to encourage them to do so in order to secure a better future upon retirement.
The Bono Regional Minister, Justina Owusu-Banahene, commended SSNIT's management for intensifying efforts to ensure social protection for all workers. She also urged SSNIT staff to communicate with locals using local languages to enhance their understanding of SSNIT-related matters.
The launch of the 2023 Mobile Service Week by SSNIT in Sunyani marks another step towards reaching out to the public and bringing their services closer to stakeholders. By encouraging workers, especially those who are self-employed, to join the SSNIT Scheme, SSNIT aims to provide financial security and a better future for retirees.
-By Monica Bellew | Mydailyreports24
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