SSNIT satisfied with encouraging response to SEED initiative campaign

Chief Actuary at the Social Security and National Insurance Trust (SSNIT),Joseph Poku has expressed satisfaction with the response to its ongoing nationwide Self-Employed Enrolment Drive (SEED) campaign across the country.

The Social Security and National Insurance Trust (SSNIT) has intensified efforts to enroll self-employed workers in Yilo Krobo and Lower Manya Krobo into its Self-Employed Enrolment Drive (SEED) campaign.

SSNIT held the float through the principal streets of Somanya through Atua, Odumase to Agomanya to raise awareness about the initiative – which aims at encouraging self-employed individuals to secure their pensions through the SSNIT scheme.

Speaking in an interview after the float, Joseph Poku explained that though employees in the formal sector are already covered by the Authority’s benefits through their employees, the attention was now on self-employed persons.

“For the self-employed, nobody has employed them, they’re doing their own job so we want to extend the benefits, once they know the benefits of SSNIT, they’ll themselves bring their money and have a better future for them while they go on retirement,” noted Mr. Poku, adding that over 120,000 self-employed persons have so far enrolled onto the scheme.

Describing the response so far as “fantastic,” he continued, “Once they know the value proposition that we have, once they know what they’re about to get when they go on retirement, they hook onto it. The response has been great.”

Averring that the day’s impact in the Krobo area had been successful, he nevertheless urged pessimists not to be skeptical about the Trust’s commitments, adding that SSNIT had never defaulted in the payment of claims since its inception in 1991.

Based on the encouraging response so far, the Chief Actuary while confident of his projection that the number of persons enrolled onto the initiative would hit the 200,000 mark within the next one year, hopeful that more self-employed persons would come on board the initiative to secure their future. He asserted: “As we speak, as at last month, October, we had over 120,000 now enrolled and we’re hoping that as the years go by, we would add on more people and by next year around this time…we’ll cross over 200,000.”

Launched in May 2023, the SEED initiative seeks to enrol self-employed persons into the SSNIT scheme; allowing them to contribute 13.5 percent of their income in exchange for up to 60 percent income benefits upon retirement.

During the float procession amidst brass band music, dubbed ‘Operation-A-Thon’, participants carried placards with messages such as ‘The only pension scheme that pays you as long as you live,” “Dial *711*9# to pay your contributions,” “Bring 13.5% of your income and get up to 60%, “The only scheme that provides you with life insurance at no extra cost, “ Join SSNIT and get a free Health Insurance”, ‘amongst others.

SSNIT also interacted with potential contributors at the premises of the Lower Manya Krobo Municipal Assembly where it explained the policy to some members of the public.

Staff distributed flyers and provided information on how self-employed individuals between the ages of 15 and 45 can enroll in the scheme, choose their contribution amount and determine how often to contribute. This, they explained, will help them access funds during retirement or in case of unforeseen circumstances.

The residents expressed their appreciation for SSNIT’s efforts, with some suggesting that the scheme should be made compulsory for all informal sector workers to help alleviate the stress and financial challenges often faced during retirement.

Over the years, many self-employed workers have relied on private financial schemes, some of which have proven unreliable. SSNIT’s SEED initiative offers a more secure option for these workers to plan for their retirement.