Tag: SSNIT
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SSNIT readies for new DDEP; says terms are favourable
The Social Security and National Insurance Trust (SSNIT) says it will fully participate in government’s alternative Domestic Debt Exchange Programme (DDEP) including pension funds. The government intends to restructure ¢31 billion pension funds in the second phase of its Domestic Debt Exchange Programme which will affect E.S.L.A. Plc and Daakye Trust Plc. SSNIT says it…
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SSNIT to stop investing in non-profit social ventures – Employment Minister
The Minister for Employment and Labour Relations, Ignatius Baffour-Awuah has given assurances that Social Security and National Insurance Trust (SSNIT) is set to shift policy away from investing in non-profit social ventures to safeguard contributors’ funds. The Minister was responding to concerns of the Public Accounts Committee (PAC) regarding an observation from the 2021 Auditor…
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We are poised to eradicate poverty through SEED initiative – SSNIT
The Social Security and National Insurance Trust (SSNIT) says it is poised to eradicate poverty in the country by insuring the active income of informal sector workers through its Self-Employed Enrollment Drive (SEED) initiative. SSNIT said this would avert the overreliance of such persons on their children and lessen the burden on the government’s social…
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Pensions in payment projected to go up by at least 20% in 2023 – ACRR [ARTICLE]
January is the most important time of the year for pensioners and their dependents, primarily because it is when the Social Security Administration announces the new rates by which monthly pensions of existing retirees will be increased. The import of indexation is to restore the purchasing power lost by pensioners in the previous year. Pensions…
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Ghana Card to improve pensions penetration – SSNIT
The Social Security and National Insurance Trust (SSNIT) says the introduction of the Ghana Card will revolutionize the pensions sector and increase pension penetration in the country. Director-General of SSNIT, Dr John Ofori-Tenkorang stated that the introduction of the Ghana cards will make it easier to enroll people into the pension scheme as data on…
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SSNIT to rope in 1 million informal sector pension contributors next year
As part of efforts towards increasing pension penetration in the country, the Social Security and National Insurance Trust (SSNIT) says it plans on roping in about one million contributors from the informal sector in the next year. The Director-General of SSNIT, Dr Ofori Tenkorang, stressed that his outfit was confident of achieving this set target…
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SSNIT paid GHS3.6 billion to contributors in 2021- Dr Tenkorang
The Social Security and National Insurance Trust (SSNIT) says it paid GH¢3.6 billion to beneficiaries of the scheme in 2021. The Director-General of SSNIT Dr Ofori Tenkorang made this known while speaking during an event organised by the National Pensioners’ Association. “Last year, we paid GH¢3.6 billion as Pensions, Emigration Benefit, Survivors Lump Sum and…
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National Pensioners’ Association commends SSNIT for increasing pensions
The National Pensioners Association says the Social security and National Insurance trust’s (SSNIT) increment of pensions in the country despite the economic impact of the Covid-19 pandemic is commendable. SSNIT last week announced that pensioners in Ghana should expect about a 10 percent increase in their pensions for 2022. Speaking to Citi Business News on…
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SSNIT saves GH¢235M by withholding payments to ‘ghost names’
The Social Security and National Insurance Trust (SSNIT) says following a decision in 2018 to withhold the pensions of persons who failed to renew their certificates, the institution has saved about GH¢235 million. The Director-General of SSNIT, Dr Ofori Tenkorang, made the disclosure at the 5th quadrennial Delegates Conference of the National Pensions Association. “…We…
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No need to extend retirement age to 65 – Labour Analyst to SSNIT
Labour Analyst, Austin Gamey, has advised against the possible increment of the retirement age from 60 to 65 years. The Director-General of the Social Security and National Insurance Trust (SSNIT), Dr. John Ofori-Tenkorang, earlier this week, announced at a press briefing in Accra, that his outfit is seeking further discussions with government and labour unions…