The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) has increased the monthly pensions Scheme by 10%.

The initiative which is in accordance with Section 80 of the National Pensions Act 2008 (Act 766), is said to take effect in 2021.

In a press statement on Thursday, SSNIT indicated that, all Pensioners on the SSNIT Pension Payroll as at 31st December, 2020 will have their monthly pension increased by a Fixed Rate of 9.34%.

This according to the statement “represent the annual average price inflation, plus a redistributed flat amount of GH¢6.47.”

Also, Pensioners receiving the minimum pension of GH¢300.00 as of 31st December 2020 will have their monthly pensions increased to GH¢334.49, representing an effective increase of 11.5%.

According to SSNIT, “Redistribution is a mechanism applied to the indexation rate to cushion members on low pensions in line with the solidarity principle of social security. Low pensions arise as a result of low basic salaries on which contributions were paid.”

SSINT further stated that the minimum pension for all new pensioners for January 2021 will be GH¢300.00.

This means that pensioners whose computed monthly pensions fall below GH¢300.00 will be placed on this minimum.

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