The Social Security and National Insurance Trust (SSNIT) has increased the monthly pension by 11 per cent for this year.
This was done in consultation with the National Pensions Regulatory Commission (NPRA) and in accordance with Section 80 of the National Pensions Act, 2008 (Act 766)
In view of this, pensioners on the 2018 minimum monthly pension of Gh₵276 will now receive a minimum monthly pension of Gh₵316.73, while the minimum monthly pension for all fresh pensioners from January 2019 has been pegged at Gh₵300.
This is more than the national monthly minimum wage of Gh₵287.55
This was revealed at a press conference in Accra on Tuesday by SSNIT to present the 2019 pension indexation.
The 2019 pension indexation pegged the minimum monthly pension increase at 11 per cent, with 9 per cent as a fix rate and 2 per cent being redistributed as a flat amount of Gh₵15.89 to pensioners earning lower pensions.
The Director- General of SSNIT, Dr John Ofori Tenkorang, said the scheme would incur an extra cost of Gh₵212.16 million which had already been factored into its operations for the year 2019.
“What we have announced today will take effect immediately. So pensioners who will go for their pensions on January 14 will see an increase, and it’s going to run through the year,” he said.
Source: Daily Graphic
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SSNIT we appreciate but you could have done better oh.
SSNIT one question. When are you taking over the TIER 2? Why is our money being used for the amalgamated trust to fund some banks? SSNIT come clear oh arhh
At long last, we got it done. Thanks anyway but we hope it will keep increasing higher. However SSNIT do well to chase our employers to pay us well because when i learnt about how monthly pensions are calculated, it sounded like trouble dey come
Ghana people and politics. Since when this SSNIT Pension increase become political. All we care is that the National Pension provider is giving us hope for the future.\ But employers please pay us well so that these annual indexations will be relevant. Low salaries cannot give us high pensions no matter how long we contribute. TUC show your relevance.
I am happy for the increment. This year's announcement delayed and made us apprehensive. Please we are used to hearing the good news on first working day of the year. At least we are better off than people in active service. We are certainly expecting a higher percentage increase come next year.
We thank God for such a visionary government on power
Good news for pensioners. Thanks Bawumia & SSNIT