The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) has indexed monthly pensions upwards by 15% for the year 2024.
By this, the monthly payment for pensioners has been increased by 15%.
This is in line with Section 80 of the National Pensions Act, 2008, (Act 766).
According to SSNIT, all Pensioners on its pension payroll will have their monthly pension increased by a Fixed Rate of 10% in addition to a redistributed flat amount of ¢79.10.
Speaking at the launch of the 2024 Pension Indexation Report, the Director-General of SSNIT, Dr. John Ofori-Tenkorang said the Trust is focused on expanding and deepening coverage of the basic national social security scheme to benefit workers who will go on retirement in the future.
According to him, the indexation is a legal requirement that aims at reviewing the benefits to help pensioners live decent lives.
He pointed out that the effective increase in pensions would therefore range from 10.05% for the highest-earning pensioner to 36.37% for the lowest-earning pensioner.
“Accordingly, the highest-earning pensioner as of December 31, 2023, will receive ¢186,777.58 per month in 2024. The lowest-earning pensioner as of December 31, 2023, will have the monthly pension increased from ¢300 to ¢409.10 in 2024”, an additional statement from Mr. Tenkorang said.
“The 15% indexation rate will result in an additional pension expenditure of ¢697.64 million. The total expenditure in 2024 for pensioners on the Pension Payroll as of 31st December 2023 will be ¢5,387.72 million”.
Ghana | Atinkaonline.com |Vincent Kwofie
