The Social Security and National Insurance Trust (SSNIT) in consultation with the National Pensions Regulatory Authority (NPRA), has increased the monthly pension payment for the year 2024 by 15%.
This was announced at the launch of the 2024 Pension Indexation Report.
According to SSNIT, all beneficiaries will from January 18, 2024, see an increase of a flat rate by 10% plus a redistributed amount of GHC79.10 for both low and high pension earners.
Speaking at the launch of the 2024 Pension Indexation Report, Chief Actuary, Joseph Poku, said “The indexation is a technique we use to adjust pension payment to help maintain the purchasing power of pensioners.”
Providing more details, he said all pensioners on the SSNIT Pension Payroll as of December 31, 2023, will have their monthly pension increased by a Fixed Rate of 10% plus a redistributed flat amount of GH¢79.10.
“Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security. The SSNIT Scheme, like any other defined benefit scheme, pays pensions which mirror the earned salaries on which contributions were paid”.
