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SSNIT Gives Pensioners 15% Increase

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The Social Security and National Insurance Trust (SSNIT), has indexed Pensioners monthly payment upwards by 15% for the year 2024.

The increment have been possible through Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act, 2008, (Act 766),

By this, all pensioners on the SSNIT Pension Payroll as at 31st December, 2023 would have their monthly pension increased by a Fixed Rate of 10% plus a redistributed flat amount of GH¢79.10.

The percentage increase in pensions would range from 10.05% for the
highest-earning pensioner to 36.37% for the lowest-earning pensioner.

According to Dr. John Ofori-Tenkorang, the Director-General of SSNIT, the highest-earning pensioner as at 31st December 2023 would receive GH¢ 186,777.58 per month in 2024 whilst, the lowest-earning pensioner as at 31st December 2023 would have the monthly pension increased from GH¢ 300 to GH¢ 409.10 in 2024.

The average monthly pension he indicated, would increased from GH¢ 1,527.29 in 2023 to
GH¢ 1,756.38 in 2024.

He averred that the 15% indexation rate would result in an additional pension expenditure of GH¢ 697.64 million to the scheme saying, the total expenditure in 2024 for pensioners on the Pension Payroll as at 31st December 2023 would be GH¢ 5,387.72 million and that, the GH¢ 5,387.72 million excludes pension cost for new awards.

The Trust, Dr. John Ofori-Tenkorang assured, remains committed to paying all legitimate benefits accurately and timeously.

The total benefit expenditure of the scheme is projected to increase from GH¢ 5,445.91 million in 2023 to GH¢ 7,023.43 million in 2024.

However, the total benefit expenditure is projected to increase from GH¢ 5,445.91 million in 2023 to GH¢ 7,023.43 million in 2024

Management of the Trust assured stakeholders to work hard to guarantee positive annual indexation for pensioners bearing in mind the long-term sustainability of the Scheme

The Social Security and National Insurance Trust is a statutory Public Trust with the mandate to manage the Basic National Social Security Scheme, which is the first tier of the contributory three-tier pension scheme, and to provide for related matters under the National Pensions Act 2008 (Act 766).

SSNIT is charged with the responsibility of replacing part of lost income to its contributors and their dependants due to old age, invalidity, emigration or death.

The pension a Member enjoys under the First Tier Scheme depends on the basic salary (on which contributions were made) and the number of months one has contributed to the Scheme.

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