The administration of the Social Security and National Insurance Trust (SSNIT) has guaranteed beneficiaries of standard installment of pensions.
An assertion gave by the administration on Tuesday November 30 said SSNIT had observed the worries raised by the Africa Center for Retirement Research (ACRR).
It guaranteed all partners and the public that the SSNIT Scheme as of now has sufficient stores to pay all building benefits due Members and their legitimately selected dependants.
Administrators of the Scheme guarantees that the worries brought up in the 2017 actuarial valuation report which was alluded to by ACRR are being tended to. Key among these worries is the obligation owed the Scheme by managers.
“The Trust encourages and reminds employers to pay the social security contributions of their workers by 14th of the ensuing month to avoid paying penalties.
“However, where employers fail to do so, they have the option to negotiate terms of settlement. Management of SSNIT initiates court action against defaulting employers who fail to take advantage of negotiations.
“Management of the Trust has not relented in its efforts to retrieve all arrears owed the Trust by employers to improve the sustainability of the Scheme. As of September this year, 7,951 criminal cases were pending in court against defaulting employers. Also, over 500 employers including Government, have arranged for terms of settlement.
“It must be noted that Government has since 2017 paid GHS5.77 billion to clear social security contributions owed by successive governments. SSNIT continues to actively engage Government, the largest employer, to pay the contributions of its employees.
“In 2019, the Director-General of SSNIT hinted that the Trust was consulting stakeholders for possible reforms in the administration and funding of the basic social security scheme.
“The Trust therefore assures all Members and the public that it will continue to ensure prudent management of funds to enhance the long term sustainability of the Scheme.”