SSNIT compensates for rising inflation – Director-General

Dr John Ofori-Tenkorang is the Director General of SSNIT
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The Director-General of the Social Security and National Insurance Trust (SSNIT), Dr John Ofori-Tenkorang said the management has been carrying out indexation to meet the rising rate of inflation.

Whenever inflation rate rises, SSNIT compensates pensioners for that, he said at the Ghana National Association of Teachers (GNAT) Investment Forum held at the University of Ghana on Thursday June 29.

To that end, he said, SSNIT scheme is best for workers.

“SSNIT undertakes indexation every year and the indexation matches inflation. SSNIT is aware of that and we so we compensate for inflation, “he said.

“I will urge people not to throw the baby out with the bad water. The narrative is that SSNIT is not good, people connive with their employers not to pay their SSNIT, the SSNIT scheme is the best that you can ever get anywhere else as far as pensions is concerned, if you don’t join to contribute you are harming yourself,” he added.

He further indicated that the management is going to rollout a programme to educate the people on the need to join SSNIT.

“we are going to rollout programme to get people to come and join SSNIT because it is the best thing they can do for themselves,” he said.

An Economist and Professor of Finance, Godfred Bokpin who was also speaking at the same event urged the management of SSNIT to up their efforts regarding their investment.

He noted that the investments have been running in the negatives over the past periods.

He therefore urged the management of SSNIT to scale up their efforts in this area.

“This is where the management of SSNIT has to pay attention to,” he said.

But Dr. John Ofori-Tenkorang refuted the claim the the investment are running into the negatives.

By Laud Nartey||Ghana

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