In the wake of recent concerns regarding the depletion of its reserves, the Social Security and National Insurance Trust (SSNIT) has stepped forward to address the issue and reassure its members and the public.
In a statement released by SSNIT’s management, the trust clarified several points regarding its financial status and ability to sustain benefits payment beyond 2036.
According to SSNIT, the current funds are adequate to meet the benefits obligations to its members. Contrary to claims circulating on various media platforms, SSNIT emphasized that pension payments are not funded by reserves but by contributions and returns from investments.
The trust highlighted the steady growth in contributions, attributing it to the current demographics and efforts to enrol new employers and contributors.
It also assured that investment income has been healthy and would offset any unexpected deficits.
Addressing concerns about the government’s contribution, SSNIT stated that the government is up-to-date with payments on behalf of its workers, with arrangements in place to service outstanding contributions.
SSNIT further emphasized its track record, noting that it has never missed any pension payment since the introduction of the pension scheme in 1991.
“We assure all members and the public that we will continue to ensure prudent management of the Fund to meet its benefits payment obligations beyond 2036,” the statement read.
The statement comes amidst growing concerns about the sustainability of SSNIT’s pension payments, with some questioning the trust’s ability to fulfil its obligations in the long term.
Check out the statement below:
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