Pension contributions hit GHc6.8bn in 2023

• Posted on July 9, 2024July 9, 2024
• by Nana Kwesi Coomson
• Comment

Total contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme has reached ?6.8 billion.

This was captured in SSNIT‘s operations report for 2023.

Contribution collections for 2023, showed about a billion cedis jump from the ?5.8 billion collected in 2022.  In 2021, contributions stood at ?4 billion while in 2020 SSNIT mobilized ?5 billion.
Breakdown

The 2023 operations report showed that, private sector contributions stood at ?4 billion as against a target of ?3.5 billion. This represents 113.9 percent of its performance.

Public Sector Contributions by December 2023 stood at ?2.8 billion as against a target of ?4.8 billion. This represents 66 percent in terms of contributions performance.

In the same period under review, SSNIT paid ?5.4 billion as benefit payment. This resulted in a difference of ?1.4 billion.

 In 2022, total benefits stood at ?4.1 billion while in 2021 it was at ?3.6 billion.

State of Membership

The data showed that active membership stood at 1.9 million, showing some significant growth over the past years.

According Managers of the scheme, the company was able to retrieve ?284 million in of arrears.

Sustaining the Performance

Management of the Company have pledged to implement measures that will help grow the scheme. 

Some of the measures include:

Train and encourage stakeholders, including the self-employed to utilise the Trust’s digital platforms for contribution payments.

Collaborate with the Office of the Director General to engage high-profile employers or quasi-governmental institutions with significant debt to retrieve locked up funds.

Intensify the enrolment of new SEED members and ensure prompt payments.