The Social Security and National Insurance Trust (SSNIT) is set to introduce Informal Sector Pension Fund to cater and provide social protection to workers in that sector.
The objective is to get self-employed people unto the scheme in order to secure their future after retirement.
Director-General of SSNIT, Dr John Ofori-Tenkorang, revealed this at a media engagement in Accra Thursday.
He said the media plays a key role in expanding and deepening coverage of the pension scheme to self-employed workers.
Dr Ofori-Tenkorang noted that it has become necessary to extend coverage to informal sector workers not only to increase active membership and contributor base of the scheme, but also to ensure that every worker in Ghana enjoys social protection.
This, he added, will help reduce poverty and over-dependence on family relations and friends during old age.
Dr Ofori-Tenkorang indicated that they are the only pension scheme that has guaranteed payment of insurance cover for life.
“The SSNIT Scheme is the only insurance scheme in Ghana that pays for life for every worker, irrespective of the sector or the nature of their work, and so, we encourage workers, especially the self-employed, to join the SSNIT Scheme as voluntary contributors,” the SSNIT boss said.
He revealed that SSNIT, in its commitment, has paid benefits amounting to GH¢3.3 billion and GH¢250 million to some 233,000 pensioners in August 2021 alone.
“Some 1,500(1,484) invalid persons (pensioners) are living financially independent lives because they joined the SSNIT Scheme. In July alone, a total of GH¢S1.66 million was paid to these invalid pensioners of which some of them are as young as 30,” Dr Ofori-Tenkorang said.
Meanwhile, just 14,000 self-employed workers contribute to the SSNIT Pension Scheme.
This low coverage is attributed to the nature of the economy of the country, where most people are engaged in their own businesses and do not see the need to have a structured social security scheme. SSNIT is, therefore, committed to getting majority of self-employed enrolled onto the scheme for a secured future.