Management of the Social Security and National Insurance Trust (SSNIT) has announced that it would pay over Ghc5 billion in pensions for the year 2023.
According to Director-General Dr. John Ofori-Tenkorang, the amount will surpass that of the previous year (2022) which was Ghc4.1 billion.
SSNIT in consultation with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act 2008 (Act 766), indexed monthly pensions upwards by 25% for the year 2023.13 Jan 2023
The review saw all 234,000 legitimate pensioners on the SSNIT pension payroll as of the end of December 2022 have their monthly pensions increased by a fixed rate of 19 per cent, plus a redistributed flat amount of GH¢73.58.
By the increment, the minimum paid pensioner will receive GH¢430.58 while the highest paid pensioner receives GH¢169,725.89.
The Director-General speaking at a short media engagement when leadership of the National Pensioners Association paid a courtesy call on him, said the Ghc5 billion for 2023 is a lot of money to cough up, especially in these challenging times we find ourselves as a country.
The leadership of the Association was at the SSNIT Pension House on Monday, January 23, 2023, to express its gratitude to the Management for the 25% indexation.
Dr. Ofori-Tenkorang noted that SSNIT remains committed to paying all legitimate benefits accurately and timeously.
He stated that once the pensioners are satisfied and Management can persuade its other stakeholders that it is acting in their best interests, it will continue to carry out its legal obligations as expected.
He added that SSNIT makes a ”weighty commitment because SSNIT will pay pensioners as long as you would live on this earth”.
He argued that no other pension fund could beat the approach of SSNIT.
“This scheme that we run pays out more than what people put in. The scheme is partially funded due to its design and structure. That is the structure. What this means is that you [pensioners] get more than you put in. Whatever you fund, you are only funding a portion of your entitlement. So some of the funds would have to come from somewhere. We don’t take this job lightly. We have to do the right thing by you and protect the fund.”