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SSNIT Has a Reverse Responsibility to Engage In Credible Investments

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Editorial (The Daily Searchlight, Wednesday, 1st December, 2021)


The Social Security and National Insurance Trust (SSNIT) says that it has taken note of the concerns raised by the Africa Centre for Retirement Research (ACRR) and wishes to assure all stakeholders and the public that the SSNIT Scheme presently has enough reserves to pay all accruing benefits due Members and their validly nominated dependants. Managers of the Scheme assure that the concerns raised in the 2017 actuarial valuation report which was referred to by ACRR are being addressed. Key among these concerns is the debt owed the Scheme by employers. The Trust has encouraged and reminded employers to pay the social security contributions of their workers by 14th of the ensuing month to avoid paying penalties. However, where employers fail to do so, they have the option to negotiate terms of settlement.

Management of SSNIT says that it initiates court action against defaulting employers who fail to take advantage of negotiations.

While the Daily Searchlight is at present not privy to the concerns raised by the Africa Centre for Retirement Research (ACRR), we wish to note that institutions like SSNIT have a responsibility to ensure that funds that people deposit with it are utilized responsibly.

There is a clear sense in the response of SSNIT to the ACRR release that the findings were less than complimentary. We believe that SSNIT has a responsibility to work in deed to avoid findings such as that made by ACRR in future.

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