ILO’s report on SSNIT not surprising – Avedzi

James Klutse Avedzi, the Chairman of the Public Accounts Committee of Parliament (PAC), has attributed the depletion of the Social Security and National Insurance Trust’s (SSNIT) reserves to unprofitable investments.

The International Labour Organization’s (ILO) recent report predicts that SSNIT’s reserves will be completely depleted by 2036.

I wasn’t surprised at the ILO’s report on the reserves of SSNIT depleting

According to the ILO’s report, starting in 2029, the total income, including contributions, investment income, and other income, will no longer cover annual expenditures, leading to a decrease in reserves.

The report also indicates that the reserve will be exhausted by 2036.

As per the report, SSNIT will lack the means to pay pensioners and will be compelled to use the reserves, a strategy that will be unsustainable by the specified year.

However, SSNIT has dismissed the report saying it has enough reserve capable of paying beneficiaries of the scheme as well as fulfilling its financial obligation beyond 2036 contrary to some media reports.