Monthly SSNIT pensions increased by 25 percent.

Monthly SSNIT pensions increased by 25 percent.

The National Pensions Regulatory Authority (NPRA) and the Social Security and National Insurance Trust (SSNIT) have agreed to a 25% increase in monthly pensions for the year 2023.

According to Section 80 of the National Pensions Act of 2008, this (Act 766).

The increase was set at 10% the previous year.

All pensioners on the SSNIT Pension Payroll as of December 31, 2022, will have their monthly pension boosted by a fixed rate of 19% plus a redistributed flat sum of GH¢73.58, according to Mr. Joseph Poku, Chief Actuary of SSNIT, who was describing the procedures during a press conference.

According to him, the redistribution was a measure used in conjunction with the indexation rate to protect low-income retirees in line with the social security system's solidarity concept.

According to him, the assessment was influenced by factors such as wage inflation, the year's CPI, liquidity, and long-term sustainability.

According to him, the range of the actual rise in pensions would be from 19.05% for the highest-earning retiree to 43.53% for the lowest-earning pensioner.

“Accordingly, the highest-earning pensioner as of December 31, 2022, will receive GHS 169,725.89 per month in 2023,” he added.

The monthly pension for the retiree with the lowest income as of December 31, 2022 would rise from GH 300 to GH 430.58 in 2023.

The Director-General of SSNIT, Dr. John Ofori-Tenkorang, said that the Scheme was able to sign up 214 000 new members last year.

He said that the Scheme paid out GHS4 billion in pension payments to retirees the previous year and vowed to immediately pay benefits to every beneficiary on their payroll.

The National Pensioners Association, according to Mr. Stephen Boakye, general-secretary, appreciates the new increase.

“We never thought of getting a 25 per cent increment from the previous 10 per cent received during the COVID-19,” he said.

He praised the SSNIT leadership for the increase, adding it was a wise choice.

He said that they will be contacting companies since the majority had not been deducting pension payments from their workers' wages, which might have an impact on them after retirement.

“We call on all workers to take this exercise serious and add up their pension contribution if the need be to be able to benefit soon,” he said.

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Source: ghananews.hrforum.uk