The National Social Security and Insurance Trust (NASSIT) has held a presentation of the Inception Actuarial Valuation Report for its proposed Informal Sector Scheme led by International Labour Organization (ILO) Consultant, Raphael Imbeauit. This initiative is aimed at extending social security benefits to the self-employed in the informal economy, who have long been excluded from traditional pension scheme.

The valuation report is a crucial step in the development process, which assesses the financial viability and sustainability of the scheme.

During the presentation, key stakeholders including government representatives, Sierra Leone Labour Congress (SLLC), International Labour Organization (ILO) and United Nations Development Programme (UNDP) as development partners and informal sector associations discussed the findings and the potential impact.

The report’s recommendation emphasized the need for affordable contribution rates and flexible payment options to encourage participation.

It further recommended to national stakeholders to consider the addition of the following benefits under NASSIT: employment injury insurance, sickness insurance, maternity insurance, unemployment benefits, amongst the nine contingencies of social security the world over.

Speaking at the report presentation held yesterday Thursday 5th September, 2024 at the Bintumani International Conference Centre, Aberdeen in Freetown, the Minister of Employment, Labour and Social Security, Mohamed Rahman Swaray, affirmed His Excellency President Dr. Julius Maada Bio’s unwavering commitment to extend coverage to the self-employed in the informal economy.

He further dilated on the strategic and innovated steps adopted by NASSIT to incorporate the informal sector to the social protection scheme.

NASSIT Director General, Mohamed Fuuad Daboh, expressed optimism about the scheme’s potential to provide social protection for large number of informal workers.

According to him, the report marks a significant milestone in efforts to create more inclusive social system, contributing to economic stability.

He described the informal sector as a significant sector contributing to national economy in any nation.

The DG thanked the NASSIT Technical Team and all the sector players’ contributions in reaching the current level for the implementation of the scheme.

ILO Representative, Adam Dramane Bachabbi, reaffirmed ILO’s continued support to ensure social protection for all citizens.

He further commended government’s strong political will in devising policies to extend coverage to the informal sector.