SSNIT to run out of resources? No, pensioner's only hope and sure banker

Zadok Kwame Gyesi Reality Zone May - 12 - 2024 , 23:10

Imagine as a child your mother or someone who is close to the family informs you that your father who has consistently catered for the family and it's daily needs stands a risk of losing his job because his long-time employer is going out of business.

You will panic, right? You are likely to ask endless questions, right?

One will naturally worry and ask questions out of anxiety, because what has proved to be a reliable running water from the tap is about to seize flowing especially when one has grown up always seeing that running water never dried up on the family.

That running water had been a constant supply, almost like a life companion for the family. You definitely would need assurances from elsewhere and therefore bent on asking your mother, repeatedly, where the family's future sustenance would come from.

SSNIT scheme

And so, quite rightly so too, for those of us retirees on Social Security and National Insurance Trust ( SSNIT) pensions scheme. One has continued to rely on SSNIT for one's daily bread and so naturally had cause to worry with the news last week that pensioners' source of sustenance would soon dry out. The news must have prompted instant reaction and a natural cause of worry in contributors and beneficiaries.

According to the news item which made the rounds, SSNIT is projected to deplete its resources in meeting its financial commitments to beneficiaries in the near future.

As per the news, a recent actuarial report by the International Labour Organisation(ILO) indicated that SSNIT's reserves were expected to reach zero in some 12 years (2036).

But how? One may ask, because one is aware of some of the solid investments the scheme has made over the years and the efforts to get even more people on the scheme without fail.

A very recent visit to one of their district offices impressed me so much with prompt attention and direction to customers who walked in. I was even more impressed with the loud greetings of "SSNIT, we deliver on our promise" advertised all over encouraging enrolments from artisans to individual entrepreneurs. The encouragement is all over in the media and their outdoor advertising as well.

So, how can all the proactive actions by management over the years not seem to be working for the future