Wrong addressing system continue to cost the Social Security and National Insurance Trust (SSNIT), huge sums of monies that could have been invested for good returns.

Dr. Prosper Ayisah, Takoradi Area Manager, revealed that in 2015 alone, the Trust paid the Ghana Post GH¢240 million or Express Mailing System to enable the Ghana Post distribute cards and other relevant documents to clients under the scheme.

He said because most addresses were either wrong or non-existent, officials of the EMS department had to do multiple roaming and searching to locate clients, which contributed to the huge cost incurred.

Dr. Ayisah said the monies could have been invested in the money markets, either through short or long term debentures to raise extra monies for the scheme, which could increase pension amount.

The Takoradi Area Manager therefore called on clients of the Trust to give proper details particularly residential details.

Mr Laud Senanu, General Manager Operations of SSNIT, encouraged employers to regularly submit the data of their employees to ensure a secured pension.

He said establishments who may have difficulty in paying for employees could visit any of the offices of the Trust and negotiate payment modules.

The Operations Manager said establishments or employers must register all employees saying, “The Social Security Law stipulates that within 30 days after commencement of business, employers must register with SSNIT.”

Mr. Senanu said the registration involves taking the bio data of the worker and issuing a social security card with a valid social security number adding, every social security scheme depends on the bio and the financial data of its members in its operations.

Periodically, he said compliance officers visit employers at their premises to carry out inspection to enforce compliance of the law and called on the media to help in the education.