OXIDE GH 
As posted by Joy news.
A recent report by the International Labour Organisation (ILO) warns that the Social Security and National Insurance Trust (SSNIT) is on track to deplete its funds by 2036 due to ongoing deficits in meeting financial commitments to beneficiaries. SSNIT, previously a Provident Fund, transformed into a Social Insurance Pension Scheme in 1991. By 2020, it covered 1.6 million Ghanaians, but rising administrative costs are diverting funds from beneficiaries.
Investment returns have been minimal compared to other assets like Treasury Bills, impacting SSNIT’s financial sustainability. The report recommends increasing contribution rates to sustain the scheme for future generations. Without intervention, expenditures will outpace income by 2029, leading to reserve depletion by 2036. The ILO advises prompt government action to boost contributions and ensure SSNIT’s long-term viability.
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