The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by an average of 25 per cent.
The review will see all 234,000 legitimate pensioners on the SSNIT pension payroll as of the end of December 2022 have their monthly pensions increased by a fixed rate of 19 per cent, plus a redistributed flat amount of GH¢73.58.
Redistribution is a mechanism applied to the rate (indexation rate) to cushion members on low pensions, in conformity with the solidarity principle of social security.
By the increment, the minimum paid pensioner will receive GH¢430.58 while the highest paid pensioner receives GH¢169,725.89.
The Director-General of SSNIT, Dr John Ofori-Tenkorang, who announced this at a press conference in Accra today (January 13), said the projected expenditure on pensions only for 2023 will be GHȼ4.3 billion, GHȼ850 million more than last year.
He said, “the Trust remains committed to paying all legitimate benefits accurately and timeously.”