SSNIT GHANA FINANCIAL RESERVES MAY BE DEPLETED BY 2036: AND EVENTUALLY MAY NOT BE ABLE TO PAY PENSIONERS WELL AND TIMELY: ILO WARNS

The International Labour Organisation (ILO) has issued a stark warning regarding Ghana’s Social Security and National Insurance Trusts (SSNIT), highlighting an impending crisis that could leave pensioners without adequate benefits.



“Starting in 2029, total income (contributions, investment income and other income) is no longer sufficient to pay for annual expenditures. "The reserve starts to decrease. During the year 2036, the reserve drops to zero,” the report stated.



As per Section 3 (4) National Pensions Act, 2008 (Act 766), the minimum contribution on which the SSNIT is calculated is 18.5% of the approved monthly equivalent of the national daily minimum wage Probability.