The National Social Security and Insurance Trust (NASSIT) is on the verge of implementing a new social protection initiative aimed at providing coverage for workers in Sierra Leone’s informal economy.

This follows the presentation of the inception actuarial valuation report for the proposed informal sector scheme, led by International Labour Organization (ILO) consultant Raphael Imbeault, at the Bintumani International Conference Centre in Freetown on September 5, 2024.

The report assesses the financial viability and sustainability of the scheme, marking a crucial step in NASSIT’s efforts to extend social security benefits to informal workers who have long been excluded from traditional pension systems.

The scheme is expected to offer a lifeline to millions of workers in sectors such as agriculture, trade, and other informal industries that form the backbone of Sierra Leone’s economy.

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At the presentation, key stakeholders—including government representatives, the Sierra Leone Labour Congress, development partners like the ILO and UNDP, as well as informal sector associations—engaged in discussions about the report’s findings and recommendations.

These recommendations highlighted the importance of affordable contribution rates and flexible payment options to encourage broader participation. Additionally, the report urged stakeholders to consider incorporating benefits such as employment injury insurance, sickness insurance, maternity insurance, and unemployment benefits within the NASSIT framework.

Minister of Employment, Labour, and Social Security, Mohamed Rahman Swarray, reiterated President Julius Maada Bio’s strong commitment to extending social security to informal sector workers.

He praised NASSIT’s strategic and innovative approach to expanding coverage, stressing that this initiative aligns with the government’s vision of ensuring that all citizens have access to social protection.

NASSIT Director General, Mohamed Fuad Daboh, expressed optimism about the positive impact of the proposed scheme on Sierra Leone’s informal workforce.

“This report represents a significant milestone in our journey towards creating a more inclusive social security system,” he remarked. Daboh also acknowledged the immense contribution of the informal sector to the national economy, emphasizing the need for a social safety net for this critical group of workers.

The NASSIT Technical Team, alongside development partners and informal sector associations, has been instrumental in shaping the proposed scheme. The successful implementation of this initiative will likely strengthen Sierra Leone’s economic stability by providing greater social protection for informal workers.

ILO Representative, Adam Dramane Bachabbi, reaffirmed the organization’s support for ensuring social protection for all Sierra Leoneans.

He commended the government for its political will in developing policies that extend coverage to the informal sector, adding that the ILO remains committed to supporting NASSIT throughout the process.