Former Attorney-General, Betty Mould-Iddrisu, said she was astonished when the International Labour Organisation (ILO) reported that the reserves of Social Security and National Insurance Trust (SSNIT) would be depleted by 2036.
She stated that retirees depend on their pensions; therefore, if the Trust runs out of funds, the situation may turn chaotic.
Speaking on TV3’s Hot Issues and monitored by GhanaWeb, Betty Mould-Iddrisu said, “I was shocked to see again that they were saying that in 2036, there might be no money left in SSNIT despite all of the investments they made, there might be no money left in SSNIT to pay pensions. There might be no reserves left.”
“It is shocking to me not because I am a woman. I think it is shocking to anybody, any youth who is just starting to work now and will get their pension in 2036…People depend on their pensions…” she stated.
A report by the International Labour Organisation (ILO) indicated that SSNIT cannot pay benefits by 2036 due to depleting reserves.
The report added that the 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 2036.
However, SSNIT in a statement said it has never missed any pension payment period since 1991 when the scheme was introduced.
SA/OQ
Source: www.ghanaweb.com
