The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act 2008 (Act 766), has indexed monthly pensions upwards by 10% for the year 2022.
This increment shall be implemented as follows: All Pensioners on the SSNIT Pension Payroll as at 31st December, 2021 will have their monthly pension increased by a Fixed Rate of 9.68% plus a redistributed Flat Amount of GH¢ 3.44.
This was contained in a statement issued by Management and copied to iGOGHANA.
Redistribution is a mechanism applied to the indexation rate to cushion Members on low pensions in conformity with the solidarity principle of social security.
Low pensions arise as a result of low basic salaries (that were declared to SSNIT) on which contributions were paid.
The effective increase in pensions would therefore range from 9.683% for the highest pension earner 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.
This means pensioners whose computed monthly pensions fall below GH¢ 300.00 will be placed on this minimum.
Pensioners will be paid on the third Thursday of every month.