The Social Security and National Insurance Trust is an agency of the government of

Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...

. Its job description, according to it
website
is to administrate the National

Pension A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a " defined benefit plan", wh ...

Scheme. In so doing, the trust owns major amounts of

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

in Ghana's principal companies.

History

The Trust was founded in 1972 according to NRCD 127, with the purpose of managing the National Social Security Scheme. Before 1972, the Scheme was jointly managed by the Department of Pensions and the State Insurance Corporation. The Trust used to manage the Social Security Scheme as a Provident Fund Scheme until 1991. After that, it changed to a Social Insurance Pension Scheme, which was governed by the PNDC law 247. In Ghana, there were changes made to the pension system by a law called Act 766 of 2008. This new system was put into action in January 2010, replacing all existing pension schemes in Ghana, including Cap 30. Later, in 2014, the National Pensions (Amendment) Act 883 was passed to modify some parts of Act 766. The Trust's vision is “to be the model for the administration of Social Protection Schemes in Africa and beyond” and its mission is “to provide income security for workers in Ghana through excellent business practices”.

Investments

Stock Portfolio

For example, the trust owns: * 10% of Accra Brewery Company Limited

* 25% of Aluworks

* 30% of Ghana Commercial Bank

* 20% of Home Finance Company, HFC Bank

and * 20% of SG-SSB (SG Social Security Bank

* 10% of

Africa World Airlines Africa World Airlines Limited (AWA) is a Ghanaian airline company that was incorporated in 2010 and commenced flights in 2012. It has its head office in Airport City Accra, and its main hub at Kotoka International Airport in Accra. It is the la ...

; * 40% of West Hills Mall.

End of lump sum payment

From 1 January 2020 all workers who attain the age of 60 years would not receive the lump sum payment anymore as was stated in PNDC Law 247. The lump sum payments had been transferred to the second tier fund managers.

Self-employed Enrolment Drive (SEED)

To help self-employed person to join the pension scheme, SSNIT introduced the Self-employed Enrolment Drive (SEED) initiative. The Self-Employed Enrolment Drive (SEED) is a program designed to encourage self-employed individuals and informal sector workers to join the SSNIT Scheme and make regular contributions based on their full earnings. Self-employed workers aged 15 to 45 who have never been members of the SSNIT Scheme can register and start contributing. Additionally, individuals who previously worked in the formal sector and are now self-employed, regardless of their age, can reactivate their accounts to resume contributions or monthly premium payments, ensuring eligibility for a pension.

References

External links

Social Security and National Insurance Trust website

Index of Ghana company PDFs from Gold Coast Securities
1972 establishments in Ghana Financial services in Ghana Government ministries of Ghana Government agencies established in 1972 Pension funds Insurance companies of Ghana Investment funds {{Ghana-stub