The Social Security and National Insurance Trust (SSNIT) has announced a 12% increase in monthly pension payments, effective from January 2025. This adjustment is in line with the annual indexation process, which is aimed at maintaining the real value of pensions for beneficiaries.
The increase, which follows consultation with the National Pensions Regulatory Authority (NPRA), is in accordance with Section 80 of the National Pensions Act, 2008 (Act 766). Pensioners on the SSNIT payroll as of December 2024 will see an average increase of 12% in their monthly payments.
The adjustment comprises a fixed 8% rate increase, alongside a flat amount of GHS 72.58, which makes up the remaining 4% of the increase. As a result, the lowest-wage pensioner will receive a minimum pension of GHS 396.58, a 32.19% rise from the 2024 minimum payment. The highest-earning pensioners will see their monthly payments increase to GHS 201,792.37 and GHS 28,703.01, under PNDCL 247 and Act 766, respectively.
SSNIT explained that the increase is designed to help pensioners better cope with economic challenges and to preserve the purchasing power of their benefits.
The annual indexation process is based on several factors, including the average salary of active contributors, the annual Consumer Price Index (CPI), and the overall affordability and sustainability of the pension scheme.
Source:TheDotNews