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| (Dr. John Ofori Tenkorang, Director-General of SSNIT) |
Dr. John Ofori Tenkorang, Director-General of the Social Security and National Insurance Trust (SSNIT), has called on workers in both the formal and informal sectors to consider acquiring retirement insurance to ensure financial security in old age. Speaking at an engagement with the informal sector in Ho, Dr. Ofori Tenkorang highlighted the importance of individuals planning for their extended lifespan and taking steps to secure their pensionable future.
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Acknowledging the changing dynamics in intergenerational support, Dr. Ofori Tenkorang emphasized that individuals cannot solely rely on their children for retirement support. As life expectancy increases and parents enter retirement while their children are still alive, the burden on the younger generation becomes significant. To avoid such dependency and potential challenges, individuals should take the initiative to secure their own future through retirement insurance.
The Director-General encouraged everyone to take advantage of the State-run insurance scheme offered by SSNIT, which continues to provide support during the retirement years. He explained that SSNIT serves as the foundation of pensions, with Tier II and Tier III schemes complementing it. He also emphasized that even small individual investments can contribute to financial security in retirement.
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Dr. Ofori Tenkorang highlighted the low pension insurance culture among the informal sector, with only 57,000 out of the 6.7 million informal sector workers registered with SSNIT. In contrast, 60 percent of the 3.2 million workers in the formal sector are part of the scheme. Recognizing the need for change, he stressed the importance of promoting pension awareness and encouraging more individuals in the informal sector to join SSNIT.
Emphasizing the credibility and reliability of SSNIT, the Director-General assured participants that the scheme is protected by the state. He mentioned that SSNIT offers attractive returns, which currently stand at 13.5 percent, and provides both digital and cash payment options. He also highlighted the prompt payment of pensions and the recent implementation of biometric cards and electronic payment systems to facilitate enrollment and support the growth of the informal sector within SSNIT.
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The engagement with the informal sector, organized in collaboration with the Trade Union Congress (TUC), aimed to increase pension awareness among workers in this sector. Dr. Ofori Tenkorang commended the partnership with the TUC, which had significantly increased the number of informal sector workers registered with SSNIT from 14,000 to 57,000 within a few years. He emphasized that SSNIT is not limited to government workers, and efforts to bring in more self-employed individuals have been commendable.
The Director-General concluded by highlighting the role of enabling technologies, such as biometric cards and electronic payment systems, in sustaining the progress made in pension enrollment and support for the informal sector.
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