{"id":72542,"date":"2024-05-05T16:24:27","date_gmt":"2024-05-05T16:24:27","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair"},"modified":"2024-05-05T17:03:57","modified_gmt":"2024-05-05T17:03:57","slug":"ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair","title":{"rendered":"ILO report on SSNIT reserves depleting totally is not surprising \u2013 PAC Chair"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Chairman of the Public Accounts Committee (PAC) of Parliament, James Kluste Avedzi, has said he was not surprised to hear the report of the International Labour Organisation (ILO) on the reserve of the Social Security and National Insurance Trust (SSNIT).<\/b><\/p>\n

He blamed SSNIT for investing in non-profitable businesses.<\/p>\n

\u201cSSNIT continues to enter into investments that aren\u2019t profitable. I wasn\u2019t surprised at the ILO report on reserves of SSNIT depleting. something must be done about the work of SSNIT,\u201d he said on Sunday, May 5 while commenting on a prediction by the ILO that the reserves of SSNIT are going to be completely depleted by 2036.<\/p>\n

Pension payments are not funded by reserves \u2013 SSNIT on ILO Report<\/p>\n

According to ILO, total income including contributions, investment income, and other income, will no longer be sufficient to pay for annual expenditures including benefit payments to pensioners by 2029.<\/p>\n

\u201cStarting in 2029, total income (contributions, investment income and other income) is no longer sufficient to pay for annual expenditures.<\/p>\n

\u201cThe reserve starts to decrease. During the year 2036, the reserve drops to zero\u201d the research emphasised.<\/p>\n

SSNIT having no other means of payment will depend on the reserves it has to meet the payment demand leading to the start of the depletion process.<\/p>\n

The latest findings by the International Labour Commission reveal that SSNIT reserves are likely to hit zero in 12 years.<\/p>\n

This is likely to continue till 2036 when the reserve will drop to zero as stated by the valuation report.<\/p>\n

The reserve ratio, which is the end-of-year reserve over the annual expenditures for the year, moves from 3.4 to 0 between 2021 to 2036.<\/p>\n

This means the scheme can no longer pay pension benefits if there are no contributions, no investment income and no other income.<\/p>\n

Details of the valuation report indicated that the critical cause of this development is the delay in payment by the government.<\/p>\n

Of the GH\u00a29.35 billion total indebtedness to SSNIT as of December 31, 2021, 73.7% translating to GH\u00a26.9 billion was due to late payments of contributions by the government.<\/p>\n

This leads to a 1.3 per cent drop in expected returns on investment made by SSNIT, the report emphasised.<\/p>\n

According to the study, \u201cPast experience suggests that, by not paying on time and not paying the interest income on delayed contributions, the Government shifts an important part of the cost to the private sector\u201d.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Chairman of the Public Accounts Committee (PAC) of Parliament, James Kluste Avedzi, has said he was not surprised to hear the report of the International Labour Organisation (ILO) on the reserve of the Social Security and National Insurance Trust (SSNIT). He blamed SSNIT for investing in non-profitable businesses. \u201cSSNIT continues to […]<\/p>\n","protected":false},"author":84,"featured_media":72541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-72542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nILO report on SSNIT reserves depleting totally is not surprising \u2013 PAC Chair - Ghana<\/title>\n<meta name=\"description\" content=\"The Chairman of the Public Accounts Committee (PAC) of Parliament, James Kluste Avedzi, has said he was not surprised ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ILO report on SSNIT reserves depleting totally is not surprising \u2013 PAC Chair\" \/>\n<meta property=\"og:description\" content=\"The Chairman of the Public Accounts Committee (PAC) of Parliament, James Kluste Avedzi, has said he was not surprised ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-05T16:24:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-05T17:03:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1714915982.699551.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ILO report on SSNIT reserves depleting totally is not surprising \u2013 PAC Chair\",\"datePublished\":\"2024-05-05T16:24:27+00:00\",\"dateModified\":\"2024-05-05T17:03:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair\"},\"wordCount\":410,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1714915982.699551.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ilo-report-on-ssnit-reserves-depleting-totally-is-not-surprising-pac-chair\",\"name\":\"ILO report on SSNIT reserves depleting totally is not surprising \u2013 PAC Chair - 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