The Social Security and National Insurance Trust (SSNIT) has adjusted monthly pensions upwards by 10 per cent for 2022.
This is to help maintain the purchasing power of pensioners.
The decision was taken in consultation with the National Pensions Regulatory Authority (NPRA) pursuant to Section 80 of the National Pensions Act 2008 (Act 766).
Section 80 of the Act states that "the Trust shall annually review the pension payment which shall be indexed to wage inflation rates of active contributors or another rate determined by the Trust in consultation with the Board of the Authority.”
According to SSNIT in a press statement dated January 11, all pensioners on its pension payroll as at December 31, 2021, "will have their monthly pension increased by a fixed rate of 9.68% plus a redistributed flat amount of GH¢3.44."
The effective increase in pensions would therefore range from 9.683% for the highest earning pension to 10.83% for the lowest pension earner.
"Accordingly, the highest earning Pensioner as at 31st December 2021 will receive GH¢ 142,564.97 and Pensioners receiving the minimum pension of GH¢300.00 as at 31st December, 2021 will have their monthly pensions increased to GH¢332.48.
The minimum pension for all new Pensioners effective January 2022, will be GH¢300.00," the statement further added.
Meanwhile, SSNIT has stated that pensioners will be paid on the third Thursday of every month.
Latest Stories
-
Taxation is driving away investors – FABAG General Secretary
9 mins -
Effutu MP commissions office for Hepatitis B; absorbs cost of testing, vaccination and management
26 mins -
Bawumia pushes for land digitisation to tackle land guard menace
33 mins -
Faith-based institutions are instrumental in national development – Bawumia
41 mins -
Upholding the Integrity of Presidential Promises: A call to Ghanaian leaders
48 mins -
I don’t start ‘beefs’; I only reply – Strongman refutes claims
52 mins -
Vice President Bawumia promises reforms to turn Ghana’s fortunes around
60 mins -
REGSEC warns encroachers along Tema-Sakumono Ramsar site as it races to prevent flooding
1 hour -
Kumasi International Airport to be commissioned ahead of time – Transport Ministry
1 hour -
Vomit your loot now or hold onto it and face the consequences – Asiedu Nketiah to Akufo-Addo, NPP
1 hour -
Democracy is going to reverse in West Africa if we don’t tackle economic hardships – Atuguba
2 hours -
Bawumia commissions 124 housing units for victims of Appiatse disaster
2 hours -
Stonebwoy’s The Livingstone Foundation surprises talented autistic boy with gifts
2 hours -
NPP should’ve referred Kingsley Nyarko’s bribery allegation to the police – Inusah Fuseini
3 hours -
Police pursue gunmen for killing 2 off-duty officers at Trasacco
3 hours