The Social Security and National Insurance Trust (SSNIT) in consultation with the National Pensions Regulatory Authority (NPRA) has increased the monthly pension payment by 25% for 2023.
This is in line with Section 80 of the National Pensions Act 2008 (Act 766).
According to a circular from the Trust, all Pensioners on the SSNIT Pension Payroll as of December 31, 2022 will have their monthly pension increased by a Fixed Rate of 19% plus a redistributed Flat Amount of ¢73.58.
The effective increase in pensions would therefore range from 19.05% for the highest-earning pensioner to 43.53% for the lowest-earning pensioner.
Accordingly, the highest-earning Pensioner as of December 31, 2022 will receive ¢169,725.89 per month in 2023.
The lowest-earning pensioner as of December 31, 2022 will have his / her monthly pension increased from ¢ 430.58 in 2023, from ¢300 in 2022.
Pensioners will be paid on the third Thursday of every month.
SSNIT also said 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, it said, pays pensions which mirror the earned salaries on which contributions were paid.
Latest Stories
-
We’ll establish fiscal council to rein in excessive borrowing – Finance Minister
5 mins -
Mortuary workers issue fresh strike threat
9 mins -
‘Lapses in banking system are not unique’ – John Awuah on managing fraud in Ghana’s Banks
17 mins -
Bawumia confident of victory in 2024 election
51 mins -
Strengthening audit institutions essential for tackling fiscal mismanagement – Domelevo
1 hour -
Healthy Aging: The Role of the Gut Microbiome and How Diet Can Help
1 hour -
Seek medical care, diagnosis for breast cancer – Dr Abiti to women
1 hour -
Hardship: Men now collect marriage list from different families to get cheapest – Report
1 hour -
‘If you’re looking for trouble, you’ll get it,’ Falz tells VeryDarkMan
1 hour -
Paramount Chief of Avenor grateful to NPP, calls for completion of Agenda 111 project
2 hours -
Bawumia commissions ultramodern office complex for Ho Municipal Assembly
2 hours -
Bawumia declares NPP’s infrastructure record unmatched
2 hours -
Importers face duty on Electric Vehicles despite gov’t’s exemption promises
2 hours -
4 additional Democracy Hub protesters discharged
2 hours -
Election 2024: Alan Kyerematen lacks a message – Hassan Ayariga
2 hours