The National Pensioners Association of Ghana has commended the Social Security and National Insurance Trust for indexing monthly pensions by 25% for the year 2023.
The Association described the increase as a ”divine encounter” and unexpected.
General Secretary Stepehn Boakye commended SSNIT saying although they expected an increase, the 25 percent announced was shocking.
The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) and in accordance with Section 80 of the National Pensions Act 2008 (Act 766), has increased monthly pensions by 25% for the year 2023.
SSNIT stated that 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 GH73.58.
Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security.
The effective increase in pensions would range from 19.05% for the highest-earning pensioner to 43.53% for the lowest-earning pensioner.
Accordingly, the highest-earning Pensioner as of 31st December 2022 will receive GH¢ 169,725.89 per month in 2023.
The lowest-earning pensioner as of 31st December 2022 will have his / her monthly pension increased from GH¢ 300 to GH¢ 430.58 in 2023.
In response to the increase, Mr. Boakye expressed excitement and appreciation for the figure.
“Considering the global economic crisis, we did not anticipate a 10% increase in 2023. We are overjoyed and want to thank SSNIT.”
He asked Ghanaian employers to pay their employees’ contributions.
He announced that the Association would be going on workplace visitations to ensure employers don’t cheat their employees.