Social Safety and Nationwide Insurance coverage Belief (SSNIT) Govt Director Kwesi Afure Binny has revealed that the pension system is sustainable and will pay advantages for the subsequent 40 years.
Binney identified that that is based mostly on the most recent actuarial report carried out by the UK Authorities Actuarial Workplace on the sustainability of the SSNIT pension scheme.
The Director-Common disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe on June 4, 2026.
This assurance by the SSNIT Director-Common adopted a latest report by the Worldwide Labor Group that raised severe issues in regards to the sustainability of the SSNIT pension scheme.
This has led to the push for some basic reforms to handle the sustainability issues first raised by the ILO report.
However Afle Binny stated the most recent evaluation by one other impartial physique confirmed the donor’s cash was in sturdy arms, including: “Nobody ought to fear.”
“We’re required to bear an exterior actuarial analysis each three years and SSNIT is scheduled to bear one other analysis in 2027, which I imagine will put us in secure waters,” added the SSNIT Director-Common.
In keeping with him, sustainability ensures are based mostly not solely on authorities contributions, but additionally on the truth that SSNIT has taken steps to enhance the contributors to the scheme.
“These developments have additionally gone a great distance in addressing the SSNIT pension scheme’s rapid and future liquidity issues,” he added.
Concerning rising plans, the Director-Common revealed that SSNIT is contemplating a number of choices to draw donors, particularly these from the casual sector.
“These persons are going to come back and see what is going on on with their present donors, in order that’s why we’re taking a look at providing extra of a worth proposition to our present donors to this scheme,” the Director-Common revealed.
Mr Binney stated there was no “sure or no” reply as to whether pension charges must be elevated in addition to the pension age, however as an alternative required cautious or stakeholder engagement to handle the problem.
