SSNIT Informal Scheme rakes in GH¢2.3m

About 4,821 operators in the informal sector have joined the SSNIT Pension Scheme within the first quarter of 2011.

They contributed GH¢2,335,190 during the period under review. Dr. Francis Sapara-Grant, Managing Director, SSNIT Informal Sector Pension Scheme, disclosed this to the Business and Financial Times last week.

He said the scheme operates from 16 business centres in seven regions in the country, revealing plans are far advanced to open six more offices by the middle of the year.

“This is to enhance accessibility by workers in the informal sector, who constitute a large majority of the working population,” he explained.

Dr. Sapara-Grant added that the scheme is utilising an information technology platform to expand its reach, and improving on the quality of service to contributors through a state-of-the-art data system that is near completion.

He said the scheme, a voluntary and contributory pension scheme, provides contributors with short-term and long-term benefits.

Contributions by members are divided into two equal parts and credited to two individual-member sub-accounts - the Occupational Scheme Account and the Retirement Account - after deduction of a life insurance premium.

Currently, about 15% of the fund’s contributors are formal-sector workers who have already signed onto the mandatory SSNIT Pension Scheme.