{"id":5265,"date":"2024-04-26T11:31:48","date_gmt":"2024-04-26T11:31:48","guid":{"rendered":"https:\/\/sotnews.agency\/?p=5265"},"modified":"2024-04-26T13:36:04","modified_gmt":"2024-04-26T13:36:04","slug":"ssnit-has-been-bedeviled-with-corruption-and-government-interference-austin-gamey","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=5265","title":{"rendered":"SSNIT has been bedeviled with corruption and government interference \u2013 Austin Gamey"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 34 Second <\/div>\n\n <\/div>

A Labour Expert, Austin Gamey, has observed that the Social Security and National Insurance Trust (SSNIT) has been fraught with corruption and interference from the government.<\/strong><\/p>\n

He calls for the removal of governmental interference from the scheme to enable it to function as expected.<\/p>\n

\u201cThe whole scheme has been bedeviled by corruption and government interference,\u201d he said on the Ghana Tonight show on TV3 on Thursday, April 25 while commenting on a prediction by the International Labour Organisation (ILO) that the reserves of SSNIT are going to be completely depleted by 2036.<\/p>\n

SSNIT reserves to deplete by 2036: The whole scheme has been bedeviled by corruption and government interference. \u2013 Austin Gamey, Labour Expert#GhanaTonight<\/a> pic.twitter.com\/nrvFPIhsst<\/a><\/p>\n

\u2014 #TV3GH (@tv3_ghana) April 26, 2024<\/a><\/p>\n\n

He added \u201cThe government must not manage the scheme. Organized labour must protect the deductions by employers.\u201d<\/p>\n

\u00a0<\/p>\n

SSNIT reserves to be depleted by 2036: The government must not manage the scheme. Organised labour must protect the deductions by employers. \u2013 Austin Gamey, Labour Expert#GhanaTonight<\/a> pic.twitter.com\/YowvgMZPbI<\/a><\/p>\n

\u2014 #TV3GH (@tv3_ghana) April 26, 2024<\/a><\/p>\n\n

According to ILO, total income including contributions, investment income, and other income, will no longer be sufficient to pay for annual expenditures including benefit payments to pensioners by 2029.<\/p>\n

\u201cStarting in 2029, total income (contributions, investment income and other income) is no longer sufficient to pay for annual expenditures.<\/p>\n

\u201cThe reserve starts to decrease. During the year 2036, the reserve drops to zero\u201d the research emphasised.<\/p>\n

SSNIT having no other means of payment will depend on the reserves it has to meet the payment demand leading to the start of the depletion process.<\/p>\n

This is likely to continue till 2036 when the reserve will drop to zero as stated by the valuation report.<\/p>\n

The reserve ratio, which is the end-of-year reserve over the annual expenditures for the year, moves from 3.4 to 0 between 2021 to 2036.<\/p>\n

The latest findings by the International Labour Commission reveal that SSNIT reserves are likely to hit zero in 12 years.<\/p>\n

This will put prospective pensioners at risk of not receiving benefits from their SSNIT contributions in 2036.#TV3NewDay<\/a> pic.twitter.com\/J7PA17IWQC<\/a><\/p>\n

\u2014 #TV3GH (@tv3_ghana) April 26, 2024<\/a><\/p>\n\n

This means the scheme can no longer pay pension benefits if there are no contributions, no investment income and no other income.<\/p>\n

Details of the valuation report indicated that the critical cause of this development is the delay in payment by the government.<\/p>\n

Of the GH\u00a29.35 billion total indebtedness to SSNIT as of December 31, 2021, 73.7% translating to GH\u00a26.9 billion was due to late payments of contributions by the government.<\/p>\n

This leads to a 1.3 per cent drop in expected returns on investment made by SSNIT, the report emphasised.<\/p>\n

According to the study, \u201cPast experience suggests that, by not paying on time and not paying the interest income on delayed contributions, the Government shifts an important part of the cost to the private sector\u201d.<\/p>\n

The post SSNIT has been bedeviled with corruption and government interference \u2013 Austin Gamey<\/a> first appeared on 3News<\/a>.<\/p>

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A Labour Expert, Austin Gamey, has observed that the Social Security and National Insurance Trust (SSNIT) has been fraught with corruption and interference from the government. He calls for the… <\/p>\n","protected":false},"author":1,"featured_media":5366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-5265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/5265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5265"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/5265\/revisions"}],"predecessor-version":[{"id":5367,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/5265\/revisions\/5367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/5366"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}