SSNIT debunks past credit rumours

The Social Security & National Insurance Trust (SSNIT) has appealed to the public to disregard a message on social media that it has commenced the calculation of past credit for contributors.

According to management of the Trust, “This message has no basis and should be disregarded.”

It said currently the past credit appears on the statement of account of every contributor with contributions prior to January 2010.

It also called on contributors to take cognisance of the fact that the past credit was 4 percent of a contributor’s annual salary up to December 2009; workers covered by the Three Tier pension Scheme (Act 766) with SSNIT contributions to January 2010 were entitled to past credit up to December 2009.

SSNIT further explained that past credit was calculated for every contributor up to the point of retirement while also the total past credit (i.e. 4 percent of annual salary, plus accrued interest), shall be paid to members at the point of retirement.

The Trust, therefore, assured all contributors that their accounts are safe.