He claims that while there are 11.5 million workers in Ghana, only 1.7 million actively contribute to the SSNIT.
Only 1.7 million of Ghana’s 11.5 million workers, he claims, are active SSNIT donors. He claimed that while 36% of workers are employed in the public sector and 63% in the private sector, only 1% of private sector employees make contributions to the SSNIT Pension Scheme. Only 1% of private sector employees in Ghana contribute to the Social Security and National Insurance Trust (SSNIT), according to Dr. John Ofori-Tenkorang, Director-General of SSNIT.
When the SSNIT administration met with stakeholders to discuss how to broaden and deepen the Basic National Social Security Scheme’s coverage of self-employed workers, he revealed this information. At the conference in Accra, stakeholders were encouraged to support expanding the SSNIT Scheme’s coverage to include independent contractors and workers in the unorganized sector.
The majority of people in the country are involved in their enterprises and do not feel the need to sign up for a formal social security program, he emphasized, which is why there is such low coverage. A pension is a set amount that is consistently given to a person, generally after retirement from employment. It is a regular payment paid during retirement from an investment fund that either the retiree or their employer has made contributions to.
An employer makes contributions to a fund pool set aside for the future benefit of employees as part of a pension, a sort of retirement plan that is often tax-free. Following that, the money is invested on the employees’ behalf, enabling them to obtain benefits in the event of their retirement or infirmity.
