View source for Social Security and National Insurance Trust

{{Short description|Agency of the government of Ghana}}
{{About|a Ghana government agency|the suburb in [[Tamale, Ghana|Tamale]]|SSNIT Flats}}
{{update|date=July 2014}}
{{Infobox government agency
| agency_name = SSNIT
| nativename = Social Security and National Insurance Trust
| seal = Social Security and National Insurance Trust logo.jpg
| seal_width = 140 px
| seal_caption = Official seal
| logo =
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| formed = 1965
| preceding1 =
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| jurisdiction = [[Ghana|Republic of Ghana]]
| headquarters = [[Accra]], [[Greater Accra Region]], [[Ghana]]
| employees = 2,200
| budget =
| chief1_name = Dr Kwame Addo Kufuor
| chief1_position = [[Chairman, Board of Trustees]]
| chief2_name = Dr. [[John Ofori-Tenkorang]]
| chief2_position = [[Director-General]]
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| website = {{URL|http://www.ssnit.org.gh/}}
}}
The '''Social Security and National Insurance Trust''', is an agency of the government of [[Ghana]]. Its job description, according to its [https://trainingforms.com/ssnit-workers-salary-in-ghana/ website], is to administrate the National [[Pension]] Scheme. In so doing, the trust owns major amounts of [[stock]] in Ghana's principal companies.<ref name=":0">{{Cite web |title=About Us – SSNIT |url=https://www.ssnit.org.gh/about-us/ |access-date=2023-08-02 |website=www.ssnit.org.gh}}</ref>
== 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.<ref name=":0" /> 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.<ref name=":0" /> In Ghana, there were changes made to the pension system by a law called Act 766 of 2008.<ref name=":0" /> 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.<ref name=":0" />
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”.<ref name=":0" />
==Investments==
===Stock Portfolio===
For example, the trust owns:
* 10% of [[Accra Brewery Company|Accra Brewery Company Limited]]; [https://web.archive.org/web/20070927222511/http://www.gcsinvestments.com/downloads/companyreports/ABL%20REPORT-2006.pdf]
* 25% of [[Aluworks]]; [https://web.archive.org/web/20070705150051/http://www.gcsinvestments.com/downloads/companyreports/ALW%20REPORT%202006.pdf]
* 30% of [[Ghana Commercial Bank]]; [https://web.archive.org/web/20070927222436/http://www.gcsinvestments.com/downloads/companyreports/GCB%20-%20THE%20MOST%20TRADED%20STOCK.pdf]
* 20% of [[Home Finance Company|HFC Bank]]; [https://web.archive.org/web/20070927222422/http://www.gcsinvestments.com/downloads/companyreports/HFC%202006-%20BRANCH%20EXPANSION%20DIPS%20BOTTOM%20LINE.pdf] and
* 20% of [[SG-SSB]] (SG Social Security Bank).[https://web.archive.org/web/20070927222505/http://www.gcsinvestments.com/downloads/companyreports/SG-SSG%20LATEST%20REPORT-2006.pdf]
* 10% of [[Africa World Airlines]]; <ref>{{Cite web|url=https://www.ghanaweb.com/GhanaHomePage/business/SSNIT-injects-3-4-million-dollars-into-Africa-World-Airlines-251124|title = SSNIT injects 3-4 million dollars into Africa World Airlines|date = 30 November 2001}}</ref>
* 40% of [[West Hills Mall]].<ref>{{cite web | url=http://graphic.com.gh/business/business-news/33570-ssnit-owns-40-in-west-hills-mall.html | title=SSNIT owns 40% in West Hills Mall | publisher=Graphic Business | accessdate=9 January 2015}}</ref>
== 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.<ref>{{Cite web |title=SSNIT Workers Salary |url=https://trainingforms.com/ssnit-workers-salary-in-ghana/ |website=Training Forms |language=en-gb}}</ref>
== References ==
{{Reflist}}
==External links==
* [http://www.ssnit.com/ Social Security and National Insurance Trust website]
* [https://web.archive.org/web/20070927222430/http://www.gcsinvestments.com/downloads/companyreports/ Index of Ghana company PDFs from Gold Coast Securities]
{{Ministries and Agencies in Ghana}}
{{authority control}}
{{DEFAULTSORT:Ssnit}}
[[Category:1972 establishments in Ghana]]
[[Category:Financial services in Ghana]]
[[Category:Government ministries of Ghana]]
[[Category:Government agencies established in 1972]]
[[Category:Pension funds]]
[[Category:Insurance companies of Ghana]]
[[Category:Investment funds]]
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