The Social Security and National Insurance Trust (SSNIT) has indicated that it exceeded its revenue target for the year 2018.
According to the Trust, it collected GHC1.82 billion in 2018 compared to a target of GHC1.81 billion.
Deputy Director-General of SSNIT in-charge of Operations & Benefits, Laurette Korkor Otchere, made the revelation in an interview with DAILY GUIDE last week.
She indicated that active contributors increased to 1,533,942 as at December 20187, noting that the increment had improved the contributor to pension ratio to 8:1.
The Deputy Director-General further indicated that “contributions also improved significantly”, adding that GH¢1.82 billion was collected compared to GH¢1.81, representing a performance of 100.1 per cent.
She also revealed that “as at December 2018, 12,973 new establishments had been registered, which was over the target of 11,190.”
She pointed out that SSNIT would expand into the informal sector of the country’s economy to extend coverage of social security to more Ghanaians “so they may not be left “destitute” when they eventually retire from working.”
The gains were made possible through the introduction of several initiatives under the new management of SSNIT, she said.
According to her, the initiatives included the implementation of results-based performance monitoring to change staff attitude toward the achievement of goals, mass inspection and registration exercise, enhanced and consistent monitoring of branch activities, aggressive collections enforcement, award scheme for the best performers in operational activities and continuous professional development of staff.
The Deputy Director-General indicated that “new initiatives have led to a corresponding rise in employer and employee compliance rate for private establishments.”
She added that “private worker compliance rate recorded was 81.7%; the highest since the implementation of Act 766 in 2010.”
According to her, “Establishment compliance rate was 68.1%, which is also the highest since 2010.”