The Social Security and National Insurance Trust (SSNIT) has raised the average amount of monthly pension payments by 25 percent.
As a result of the evaluation, the monthly pensions of all 234,000 legal retirees who were on the SSNIT pension payroll as of the end of December 2022 would be enhanced by a fixed rate of 19 percent, in addition to a redistributed flat sum of GH73.58. This will take effect on January 1, 2023.
In accordance with the solidarity concept underlying social security, redistribution is a method that may be used to increase the rate of indexation to ease the financial burden on members receiving low pensions.
As a result of the increase, the pension payment for the lowest-paid retiree will be 430.58 Ghana cedis, while the payment for the highest paid retiree will be 169,725.89 Ghana cedis.
At a press conference held today (January 13) in Accra, the Director-General of SSNIT, Dr. John Ofori-Tenkorang, made the announcement. He stated that the projected expenditure on pensions only for 2023 will be 4.3 billion Ghana cedis, which is an increase of 850 million Ghana cedis from the previous year.
According to what he had to say, “the Trust is dedicated to paying all valid benefits correctly and in a timely manner.”