SOCIAL SECURITY AND NATIONAL INSURANCE TRUST
SOCIAL SECURITY AND NATIONAL INSURANCE TRUST
The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act, 2008 Act 766 with the administration of Ghana’s Basic National Social Security Scheme. Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme. The Trust is currently the largest non-bank financial institution in Ghana.
The primary responsibility of the Trust is to replace part of lost income of workers in Ghana due to Old Age, Invalidity or Death of a member where dependants receive lump sum payment. It is also responsible for the payment of Emigration benefit to a non-Ghanaian member who is leaving Ghana permanently.
The Pension Scheme as administered by SSNIT has an active membership of over 1.8 million as at April, 2023 with over 235,617 pensioners who regularly receive their monthly pensions from SSNIT.
SSNIT is governed by the National Pensions Act 2008, (Act 766) which has a contributory 3-tier Pension Scheme with SSNIT operating the mandatory First-Tier Scheme. It is also governed by PNDC Law 247
The contribution rates and distribution under Act 766 and PNDC Law 247
| CONTRIBUTIONS | ACT 766 | PNDC 247 |
| EMPLOYER | 13.0% of basic salary | 12.5% |
| WORKER | 5.5% of basic salary | 5.0% |
| TOTAL | 18.5% of basic salary | 17.5% |
Under the Act 766, out of the 18.5%, the employer remits 13.5% to SSNIT within 14 days of the ensuing month to the mandatory First-Tier Basic Social Security Scheme-SSNIT.
Out of the 13.5% with SSNIT, 2.5% is remitted to the National Health Insurance (NHIS) towards the member Health Insurance. Employer pays the 5% to the Mandatory Second Tier Occupational Scheme which is privately managed by Trustees approved and licensed by the Board of National Pension Regulatory Authority (NPRA).
SSNIT has a decentralized operational system made up of the Area, Branch, and Day Offices. An Operations Coordinator at the Head Office co-ordinates all operational activities and reports to the General Manager, Operations.
There are eight (8) Area Offices, fifty-one (51) Branches, twenty-three (23) Day Offices and an Agency spread throughout the country.
The scheme is self-financing through the contributions of members and returns on the investments of the funds. The new SSNIT Scheme (Act 766) is now referred to as the Basic National Pension Scheme (or Tier-1 Pension Fund). It is a Defined-Benefit, partially funded scheme and uses a scaled-premium method of financing. It is financed through the combined contributions of the employees and employers as well as investment income.
A significant portion of the benefits are derived from investment income.
The Trust is a member of the International Social Security Association (ISSA), an affiliate of the International Labour Organisation (ILO). SSNIT is the first ISSA member south of the Sahara to convert its Provident Fund scheme into a pension scheme in 1991.
1988: “Good Corporate Citizen Award” from the International Social Security Association (ISSA).
2000: “Excellence in Innovation in Shelter Development” by the Millennium Excellence Awards, Ghana.
2004: “Corporate Organisation of the Year 2004” by Institute of Public Relations,Ghana.
2008: “ISSA Good Practice Awards Africa Competition”.
2011: “ISSA Good Practice Award Africa Competition”.
2012: Public Relations Excellence Awards 2012 PR Organization of the Year (Public Sector)
2014: The New Era Award for Technology Innovation & Quality by Association, Otherways Management and Consulting, Paris France.
2015: Platinum Award in the Category of Revenue Mobilization and Investment Promotion by Ministry of Trade and Industry.
2016: The IIA-Ghana Outstanding Corporate Partner Award by the Institute of Internal Auditors, Ghana and many more.