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SSNIT saves over GHS550 million from removal of 19,000 ‘ghost pensioners' — Labour Minister

By Isaac Donkor Distinguished
Headlines SSNIT saves over GHS550 million from removal of 19,000 ‘ghost pensioners — Labour Minister
THU, 29 AUG 2024

The Social Security and National Insurance Trust (SSNIT) has saved more than GHS550 million through the deactivation of approximately 19,000 pensioners from its payroll who were found to be 'ghost pensioners', according to the Labour Minister, Ignatius Baffour Awuah.

Speaking at a press briefing on Wednesday, August 28, the Labour Minister outlined some of the achievements of SSNIT under the oversight of his ministry.

“In the first half of the year, SSNIT was able to collected 90.8% of its projected private sector contributions which amounted to GHS 2.4 billion as against the expected GHS 2.6 billion.

“In the same vein, within Public sector, SSNIT was able to collect a total of GHS 3.2 billion as against the projected figure of GHS 2.2 billion representing 144% of projected collection within the period. Contributions in respect of SSNIT SEED also amounted to GHS 52.6 million within the same period,” he reported.

The Minister continued, “SSNIT also saved over GHS 550 million from the deactivation of about 19,000 ‘ghost pensioners’ on the SSNIT Pension Payroll."

A 'ghost pensioner' refers to a pensioner on SSNIT's payroll who has passed on but continues receiving monthly pension payments as if still alive.

Removing such pensioners from the payroll prevents loss of funds through wrongful payments.

The significant savings of over half a billion cedis for SSNIT through finding and removing ghost pensioners aims to help boost the trust's finances.

SSNIT uses pension fund contributions to pay monthly benefits to retirees as well as making long-term investments to grow the fund for future liabilities.

Any loss of funds through non-existent 'ghost' pensioners being kept on the payroll negatively impacts SSNIT's ability to adequately service genuine pensioners and invest contributions.

The Labour Minister's revelation affirms SSNIT's ongoing efforts to regularly audit and clean its pension payroll to ensure only qualifying living pensioners remain on it.

Isaac Donkor Distinguished
Isaac Donkor Distinguished

Is a journalist with a keen interest in politics, current affairs, and social issuesPage: isaac-donkor-distinguished

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