Pension payments have increased by an average of 25% per month since 2010, according to the Social Security and National Insurance Trust (SSNIT).
All 234,000 eligible retirees who are on the SSNIT pension payroll as of the end of December 2022 will see their monthly pensions increase by a fixed rate of 19% and receive a redistributed flat amount of GH73.58 as a result of the review.
In accordance with the social security solidarity principle, redistribution is a mechanism applied to the rate (indexation rate) to cushion members on low pensions.
The highest paid pensioner will receive GH169,725.89 under the increment, while the lowest paid pensioner will receive GH430.58.
At a press conference held in Accra today (January 13), the Director-General of SSNIT, Dr. John Ofori-Tenkorang, made the announcement. He said the projected expenditure on pensions alone for 2023 will be GH4.3 billion, GH850 million more than the previous year.
The Trust “remains committed to paying all legally due benefits accurately and promptly,” he declared.
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