Social Security and National Insurance Trust (SSNIT)
The Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), John Kwaning Mbroh, has urged contributors to remain calm despite bleak projections from a recent International Labour Organisation (ILO) report on the Social Security and National Insurance Trust (SSNIT).
According to the CEO, the Trust is secure and will remain so for many years to come.
Kwaning Mbroh explained that the projection from the ILO report is not a certainty; rather, the report focuses on forecasting future scenarios to allow stakeholders to take proactive measures to ensure the sustainability of the scheme.
“The report is forward-looking. ILO has always projected potential outcomes if certain actions are not taken. This means we need to continue improving to ensure the financial sustainability of the scheme over the long term,” he said in a report on myjoyonline.com.
To reassure contributors that their contributions are safe, Kwaning Mbroh mentioned measures already implemented to safeguard the scheme's financial health, including reducing administrative expenses and implementing an investment policy to guide how SSNIT invests contributions.
“They review the current investment asset classes to ensure they are economically viable and inject life into the scheme. This is crucial. Additionally, they have worked on rationalizing administrative expenses and other expenditures. Trust me, they have made significant efforts in this area,” the NPRA CEO said.
EAN/MA
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