The Social Security and National Investment Trust (SSNIT) has marketed its Self-Employed Enrolment Drive (SEED), launched in 2023, to employers and other stakeholders.
The Trust educated employers and other stakeholders on the SEED initiative at a breakfast meeting held on Thursday, September 5, 2024 at La Palm Royal Beach Hotel, Accra.
The SEED is the First Tier Scheme that has been repackaged to urge the self-employed to contribute on their full earnings for a guaranteed pension, among other benefits.
The aim is to ensure self-employed workers also have a guaranteed source of income during old age or permanent disability.
It is also to reduce the over dependence of your staff on family and friends, who will enjoy SSNIT benefits and to reduce destitution in Ghanaian society.
The stakeholders at the breakfast meeting were informed that as of August 31, 2024 members registered were 114,983 and contributions collected were GH¢61,686,313.55.
The breakfast meeting, aimed at enhancing collaboration with stakeholders, discussing the progress made and introducing new digital services was attended by about 85 employers.
BETTER SERVICE
In his opening remarks, the Director General, Kofi Bosompem Osafo Maafo, highlighted that the goal of the Trust is to offer better services, streamline pension processes, and reduce administrative burdens for employers.
Addressing concerns about the trust’s investments, Mr. Osafo Maafo reassured attendees that SSNIT continues to manage its investments prudently.
He highlighted the impressive financial performance in recent years, noting that the Trust moved from a deficit in 2021 to a surplus of 230 million Ghana cedis in 2022.
The trust expects an even stronger surplus of 864 million Ghana cedis in 2023, with a positive outlook for 2024.
These improvements, he noted, are the result of hard work across the SSNIT team, particularly in contribution collection, net investment income, cost control, and overall operational management.
He said that SSNIT remains committed to enhancing its services for employers and pensioners alike, ensuring the sustainability of the scheme.
MANAGE INVESTMENT
“The key point I would like to make is that we continue as a team within the trust to manage our investments and our operations prudently and very effectively, and this is showing in our figures. If you look at our figures in 2022 and 2023, indeed, in 2022 we produced a surplus of about 230 million, and that came from a deficit position in 2021.
In 2023 we are looking at a surplus position of about 864 million and in 2024 we expect a similarly strong performance, based on the figures we have to date,” the DG said.
He continued that, “This is driven by the very hard work that the team around me have put in. It is driven by improvements in our contribution collection, improvements in net investment income, improvements in our cost control and in general improvements in the way we run the trust.
“And so I want to take this opportunity again to reassure you that each of us working for you as employers and also the pensioners are doing our best to improve the scheme and its sustainability, and indeed the figures show that.”
CONTRIBUTION
Welcoming guests to the meeting, the Deputy Director-General, Operations and Benefits, Juliana Kpedekpo, recognised the “critical role” employers play in the work of the Trust, as they pay the contributions of workers.
“Your payments of contributions provide a sense of security for your workers. You are the kind of employers the Trust doesn’t have to pursue with persuasions and court summons to ensure you pay contributions for your workers.
“We really appreciate your commitment to fulfilling this obligation. Indeed, our sincere desire is for all employers to act like you do,” she said.
The meeting concluded with an open forum where stakeholders asked pertinent questions, and same were answered by SSNIT.
