SSNIT Exceeds Target By GH¢1m

Dr. John Ofori-Tenkorang

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 GH₵1.82 billion in 2018 compared to a target of GH₵1.81
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.

Expansion

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.”

Measures

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.

Compliance Rate

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.”

By Melvin Tarlue



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