 1.0. WHAT IS IT?
The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged with the administration of Ghana’s national pension scheme. The Trust is currently the biggest non-banking financial institution in the country.
The primary responsibility is to replace part of lost income due to Old age, Invalidity and payment of Survivors’ benefit to deceased Dependants.
The Pension Scheme administered by SSNIT has a registered membership of over 700,000 and there are over 45,000 pensioners who collect their monthly pension from SSNIT.
2.0. OBJECTIVES
The Social Security Law enjoins the Trust to:
a. Be responsible for the general administration of the Social Security law and any regulations under it.
b. Provide income protection for the contributors under specified contingencies, e.g. old age, invalidity, death and such other contingencies as may be specified by Law.
c. Be responsible for the management of the fund and
d. Carry out any other activities incidental to the realisation of the objectives.
3.0. THE BOARD
The Trust has a fourteen member Board of Directors responsible for policy making.
The membership is as follows:
a. A chairman and three other persons nominated by Government.
b. Two representatives nominated by the Employers’ Association.
c. Two representatives nominated by the Trades Union Congress.
d. A person appointed The Director-General of SSNIT.
e. A representative of the Ministry of Finance.
f. A representative of the Bank of Ghana.
g. A representative of the Ministry responsible for Labour
h. A representative nominated by the Civil Servants Association and
I. A representative nominated by the Ghana National Association of Teachers.
 Administration of the Trust
The day-to-day administration is vested in the Director-General who is the Chief Executive Officer of the Trust.
There are General Managers for Operations, Finance, Administration, Investment and Development and Technical Divisions.
The following offices report directly to the Director-General: Corporate Planning, Internal Audit and Public Relations.
The divisions are constituted as follows:
3.1. Administration
Human Resources Department
General Services Department
Estate/Maintenance Department
Legal Department
Training Department
3.2. Finance
Accounts Department
Treasury Department
Students’ Loan Department
3.3. Operations
Area Co-ordinator: responsible for -
Area Managers:
1 Greater Accra
2 Ashanti/BrongAhafo
3 Eastern/Volta
4 Western/Central
5 Northern/Upper Regions
Government Operations
Benefits Department
3.4. Investment and Development
Investment Department
Development Department
Properties Management Department
3.5. Technical
1 Records
2 Research
3 Actuarial
4 Quality Control
5 Information Technology
4.0. FUNCTIONS OF THE TRUST
In order to achieve its corporate objectives, the Trust performs these basic functions:
* collecting contributions and data
* keeping records of members
* managing the funds of the Scheme
* processing benefits for payment
Quite clearly, the Trust combines both the collection of contributions and payment of benefits to members of the scheme, which places a heavy burden on the Trust. | 5.0. OPERATIONAL SET UP
The Trust has a decentralised operational system. The Branch, Area Offices and Area Offices Co-ordinator constitute this.
5.1. The Branch Operations
* Registration of employers/employees
* Inspection of establishments and collection of contributions
* Collection and maintenance of data on employers and employees
* Assembling, processing, vetting and payment of claims
* Distribution and retrieval of statement of accounts on contributors
* Assembling students’ loan applications for processing and payments
* Public Education on SSNIT operations
There are 46 branches and 2 day Offices located all over the country.
5.2. Area Offices Operations
* Co-ordinate operational activities between the branches and Head Office
* Institution of legal action against defaulting employers
* Collection of all accounting returns and reports from the branches under them.
* Public education on SSNIT Operations
5.3. Area Offices Co-ordinator
* Acts as the link between management and all the five (5) area offices and forty-six (46) branch offices of the Trust.
* It co-ordinates all the activities of the area offices and branches and submit monthly reports for management information.
* It formulates operational policies and strategies.
* It monitors and controls all the affairs of area and branch offices for efficient performance.
6.0. THE SCHEME
It is a Social Insurance scheme under which members contribute during their working life and receive benefits due to old age, invalidity or on death, to their dependants.
7.0. FINANCING
The Scheme is self-financing through the contributions of employers and employees and investment thereof. The rates of contributions are as follows:
- Employee: 5% of salary, Employer: 12.5% of employees salary.
- Self-Employed: 17.5% of declared income.
8.0. INVESTMENT
The Trust has a diversified investment programme under which the funds of the pension scheme are managed to ensure that the obligations to members are met as and when they fall due.
9.0. BENEFITS
As stakeholders of the Scheme, contributors are catered for under three main contingencies where benefits are paid out to them as and when they occur. These benefits are:
a. Old Age Pension
b. Invalidity Pension
c. Survivors’ one-time payment
Pensions are reviewed annually based on the average rise in the earnings of contributing members.
10.0 MEMBERSHIP
Membership is open to all workers. The military and police, however, have their own internal pension schemes and on account of that, are exempted. The scheme is also optional for the self-employed.
11.0. CONTACT ADDRESS
SSNIT
PENSION HOUSE
P. O. BOX M. 149
ACCRA
GHANA
E-mail: public@ssnit.org.gh. | | Fax: | 233-21-668674
233-21-667742
233-21-667746
233-21-225879 | | Telephone: | 233-21-668664-7,
233-21-667742,667731/2/4-7
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For further details, please contact:
Mr. K. OSEI BIMPONG
HEAD, PUBLIC RELATIONS | | Telephone: | 233 21 667742
233 20 2012026 | | Email: kosei-bimpong@ssnit.org.gh |
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