SSNIT dismisses claims of benefit payment crisis, assures prudent management

The Social Security and National Insurance Trust (SSNIT) has refuted reports suggesting a potential inability to pay benefits by 2036 due to depletion in reserves.

According to a recent International Labour Organisation (ILO) report, SSNIT reserves may reach zero by 2036, raising concerns about its ability to meet future financial commitments to beneficiaries.

The report highlighted a steady increase

Read full articlein administrative expenses relative to member contributions, prompting questions about fund allocation.

However, SSNIT clarified in a statement on Friday, April 26, that it currently receives contributions and possesses sufficient funds to fulfill accruing benefits.

The Trust emphasized that pension payments are funded from contributions and investment returns, not reserves. It also noted a consistent growth in contributions, supported by demographic trends and proactive efforts to enroll new members.

Furthermore, SSNIT assured that government contributions are up to date, and mechanisms are in place to address outstanding payments.

Highlighting its track record of never missing a pension payment since the scheme's inception in 1991, SSNIT pledged to continue prudently managing the fund to meet benefit obligations beyond 2036.