SSNIT Announces Payment of ¢441M to Pensioners

The Social Security and National Insurance Trust (SSNIT) has announced the payment of pensioners for the month of May 2024.

In a notice on Thursday, the Management of the Trust said ¢441.49 million had been paid to a total of 247,975 pensioners this month.

This follows assurances that it has enough funds to pay benefits following contrary media reports last month.

In its statement in April, it posited that the Trust has never missed any pension payment since it’s inception in 1991 and assured that modalities are in place to service the outstanding contributions.

“The SSNIT scheme presently receives contributions and has enough funds to pay accruing benefits due members. The SSNIT pension scheme, as set up by Act 766, is a partially funded scheme, and that pension payments are funded from contributions and returns from investments,” it added in a statement.

It further noted that there is recent steady growth in contributions.

“This growth is well supported by the current demographics and the dedicated activities of our staff in getting new employers and contributors to join the scheme. That investment income has been healthy and would offset any unexpected deficits that may arise.”

It also noted that the government is currently meeting its monthly contribution payments.

The next contribution date payment is June 20.