The Management of the Social Security and National Insurance Trust (SNNIT) has debuked claims that they will be unable to pay benefits by 2036 as a result of depletion in reserves.
This comes after myjoyonline reported that SSNIT is projected to deplete its funds in meeting its financial commitments to beneficiaries in the future.
A recent report by the International Labour Organisation indicates, based on its actuarial valuation, that SSNIT reserves are expected to reach zero by 2036.
It is on the back of this report that the Social Security and National Insurance Trust (SNNIT) has urged beneficiaries to ignore such reports.
According to SSNIT, its institution has enough funds to pay for accruing benefits for members.
SSNIT stated that the pension scheme as set up by ACT 766, is a partially funded scheme, and that pension payments are funded from contributions and returns from investments.Â
“There has been steady growth in contributions. This growth is well-supported by the current demographics and the dedicated activity of our staff in getting new employees and contributors to join the scheme. That investment income has been healthy and would offset any unexpected deficits that may arise. The government is current in the payment of contributions on behalf of its workers. Modalities are in place to service the outstanding contributions. The Trust has never missed any pension payments since 1991, when the pension scheme was introduced. The Trust therefore assures all Members and the public that it will continue to ensure prudent management of the Fund to meet its benefit payment obligations beyond 2036”, SSNIT emphasized.
Kindly read the full press statement from SSNIT:
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