SSNIT launches Digital Bouquet as self-employed enrolment hits 100,000

The Self-Employed Enrolment Drive (SEED), an initiative by the Social Security and National Insurance Trust (SSNIT), has seen a significant increase in membership, growing from approximately 13,000 members in May 2023 to about 100,000 within a year.

This represents an impressive growth of over 700% within one year.

SEED aims to extend pension coverage to self-employed individuals and workers in the informal sector.

Expanding pension coverage to informal workers

SSNIT’s Director General, Kofi Bosompem Osafo-Maafo, emphasized that SEED is a strategic effort to ensure that every worker, whether an employee, self-employed person, or informal sector worker, can enroll in the SSNIT Scheme and enjoy its benefits.

He made these remarks at the launch of the 2024 SSNIT Mobile Service (SMS) Week at the Elmina Fishing Harbour in the Central Region.

The occasion which was also used to launch SSNIT Digital Bouquet was held simultaneously at 76 locations outside SSNIT’s 51 branches across the country.

The importance of SEED for lifetime financial security

The theme for the 2024 SMS Week, “Sign up with SSNIT today for a pension that pays you as long as you live,” highlights the essence of the SEED initiative.

It emphasizes the goal of offering lifetime financial security to all workers in Ghana through a reliable source of income upon retirement.

The inclusion of self-employed workers reflects SSNIT’s commitment to providing sustainable support for all members.

Current pension coverage statistics

Statistics from the Ghana Statistical Service show that 60% of the 3.2 million workers in the formal sector are covered under the SSNIT Scheme.

However, of the 6.7 million self-employed workers, only about 100,000 (or 3.2%) are currently enrolled in the scheme.

Mr. Osafo-Maafo stated that SSNIT aims to sign up as many more individuals from the informal sector as possible, to ultimately change the current pension landscape, where less than 1% of over 250,000 SSNIT pensioners retired as self-employed.

The Economic benefits of social security

Mr. Osafo-Maafo noted that prioritizing social security yields significant economic benefits, including reducing old-age poverty, decreasing dependency on family and social services, providing financial security in retirement, and increasing productivity.

He also highlighted the long-term benefits of the SSNIT Scheme, such as lifetime pension payments, annual pension increases, and the assurance of up to 60% of the average of a member’s best three years’ salaries, depending on contribution duration.

Encouragement to Join the SSNIT Scheme

To those running their own businesses, Mr. Osafo-Maafo encouraged them to sign up with SSNIT to enjoy the peace of mind that comes with the assurance of a monthly pension in retirement for life, along with other benefits.

He also pointed out that the SSNIT Scheme offers superior value compared to investments in secure long-term options such as treasury bills.

Additional benefits of the SSNIT Scheme

SSNIT also provides a minimum pension by subsidizing pensions for those whose salaries were low during their active working life.

The Scheme includes Invalidity Pension for members who become incapacitated, as well as life insurance through the payment of Survivors’ Benefits to nominated dependents.

Ensuring Pension Payments for Pensioners Over 72

Mr. Osafo-Maafo highlighted the importance of pensioners aged 72 and above renewing their Pensioner’s Certificates annually to avoid deactivation from the Pensioners’ Payroll.

If deactivated pensioners renew their certificates, their accounts are reactivated, and arrears are paid.

SSNIT’s Digital Transformation Plans

He announced plans to launch the SSNIT Digital Bouquet, which includes a new website and portal, an upgraded USSD platform, and the much-anticipated SSNIT Mobile App.

These digital initiatives aim to enhance service quality and align with contemporary trends.

Encouragement to Utilize SSNIT Services

Takoradi Area Manager of SSNIT, Ms. Gifty Turkson, encouraged members to take full advantage of the SMS Week by visiting SSNIT Mobile Service centers to engage with staff and learn more about SSNIT’s services. She assured that SSNIT guarantees financial security, offering peace of mind to all members.