SSNIT’s SEED initiative sees over 700% growth

The Social Security and National Insurance Trust (SSNIT) has achieved remarkable growth in its Self-Employed Enrolment Drive (SEED), with membership soaring from approximately 13,000 in May 2023 to about 100,000 within a year—a staggering increase of over 700%. This initiative is designed to extend pension coverage to self-employed individuals and informal sector workers, who have historically been underrepresented in the pension system.

Bridging the Gap in Pension Coverage

SSNIT’s Director General, Kofi Bosompem Osafo-Maafo, highlighted the strategic importance of SEED, stressing that it aims to ensure every worker in Ghana—whether formally employed, self-employed, or working in the informal sector—can enroll in the SSNIT Scheme and benefit from its offerings. Speaking at the launch of the 2024 SSNIT Mobile Service (SMS) Week at Elmina Fishing Harbour in the Central Region, Mr. Osafo-Maafo underscored the initiative’s role in providing lifetime financial security to all workers. The event, which also marked the introduction of the SSNIT Digital Bouquet, was held simultaneously at 76 locations nationwide.

The Vital Role of SEED in Financial Security

The theme for the 2024 SMS Week, “Sign up with SSNIT today for a pension that pays you as long as you live,” reflects the essence of SEED, which is to offer a reliable income source for workers in retirement. The inclusion of self-employed individuals underlines SSNIT’s commitment to ensuring that all Ghanaians have access to sustainable financial support throughout their lives.

Current Pension Coverage and the Need for Expansion

According to statistics from the Ghana Statistical Service, 60% of the 3.2 million formal sector workers are covered under the SSNIT Scheme. However, only about 100,000 of the 6.7 million self-employed workers, or 3.2%, are currently enrolled. Mr. Osafo-Maafo emphasized SSNIT’s goal of significantly increasing this number to transform the pension landscape, where currently less than 1% of the over 250,000 SSNIT pensioners retired as self-employed.

Economic Benefits of Expanding Social Security

Mr. Osafo-Maafo highlighted the economic advantages of prioritizing social security, including reducing old-age poverty, lessening dependency on family and social services, and boosting productivity. He also pointed out the long-term benefits of the SSNIT Scheme, such as lifetime pension payments, annual pension increases, and the guarantee of up to 60% of a member’s best three years’ average salary, depending on the duration of contributions.

Encouraging Participation in the SSNIT Scheme

Addressing business owners, Mr. Osafo-Maafo encouraged them to join the SSNIT Scheme to secure a lifetime pension and other benefits. He also noted that the SSNIT Scheme offers superior value compared to other long-term investments, such as treasury bills.

Additional SSNIT Benefits

The SSNIT Scheme provides a minimum pension by subsidizing pensions for those who earned low salaries during their working lives. It also offers Invalidity Pension for members who become incapacitated and life insurance through the payment of Survivors’ Benefits to nominated dependents.

Ensuring Continuous Pension Payments

Mr. Osafo-Maafo reminded pensioners aged 72 and above of the importance of renewing their Pensioner’s Certificates annually to avoid deactivation from the Pensioners’ Payroll. Pensioners who renew their certificates will have their accounts reactivated and arrears paid.

SSNIT’s Digital Transformation

Mr. Osafo-Maafo announced the upcoming launch of the SSNIT Digital Bouquet, which includes a new website and portal, an upgraded USSD platform, and the much-anticipated SSNIT Mobile App. These digital tools are intended to enhance service delivery and align with modern trends.

Engagement with SSNIT Services

Ms. Gifty Turkson, Takoradi Area Manager of SSNIT, urged members to make the most of SMS Week by visiting SSNIT Mobile Service centers to learn more about the services offered. She assured members that SSNIT is committed to providing financial security and peace of mind to all its members