Depletion of reserves: SSNIT continues to enter into unprofitable investments - James Avedzi

Chairman of the Public Accounts Committee (PAC) of Parliament, James Klutse Avedzi, has said he was not taken aback when the International Labour Organisation (ILO) reported that the reserves of the Social Security and National Insurance Trust (SSNIT) would be depleted by 2036.

To buttress his claim, he asserted that SSNIT does not venture into any profitable investments.

Speaking on TV3's Hot Issues programme, the PAC Chair said the work of SSNIT needs to be revised to ensure profitability and growth.

“SSNIT continues to enter into investments that aren’t profitable. I wasn’t surprised at the ILO report on reserves of SSNIT depleting. Something must be done about the work of SSNIT,” James Klutse Avedzi stated.

The International Labour Organisation (ILO) in its latest report indicated that SSNIT cannot pay benefits by 2036 due to depleting reserves.

The report added that the total income, including contributions, investment income, and other income, will no longer be sufficient to cover annual expenditures, including benefit payments to pensioners, by 2036.

However, SSNIT in a statement said it has never missed any pension payment period since 1991 when the scheme was introduced.

SA/NOQ

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