SSNIT Pension Scheme Contributions Surge to ₵6.8 Billion in 2023
SSNIT's 2023 operations report reveals a significant increase in contributions to the Pension Scheme, totaling ₵6.8 billion, with private sector contributions surpassing targets and substantial benefit payments made.
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Total contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme has reached ₵6.8 billion.
This was captured in SSNIT‘s operations report for 2023.
Contribution collections for 2023, showed about a billion cedis jump from the ₵5.8 billion collected in 2022. In 2021, contributions stood at ₵4 billion while in 2020 SSNIT mobilized ₵5 billion.
Breakdown
The 2023 operations report showed that, private sector contributions stood at ₵4 billion as against a target of ₵3.5 billion. This represents 113.9 percent of its performance.
Public Sector Contributions by December 2023 stood at ₵2.8 billion as against a target of ₵4.8 billion. This represents 66 percent in terms of contributions performance.
In the same period under review, SSNIT paid ₵5.4 billion as benefit payment. This resulted in a difference of ₵1.4 billion.
In 2022, total benefits stood at ₵4.1 billion while in 2021 it was at ₵3.6 billion.
State of Membership
The data showed that active membership stood at 1.9 million, showing some significant growth over the past years.
![](https://www.myjoyonline.com/wp-content/uploads/2024/07/ssnit-5-1024x571.png)
According Managers of the scheme, the company was able to retrieve ₵284 million in of arrears.
Sustaining the Performance
Management of the Company have pledged to implement measures that will help grow the scheme.
Some of the measures include:
Train and encourage stakeholders, including the self-employed to utilise the Trust’s digital platforms for contribution payments.
Collaborate with the Office of the Director General to engage high-profile employers or quasi-governmental institutions with significant debt to retrieve locked up funds.
Intensify the enrolment of new SEED members and ensure prompt payments.
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