The Social Security and National Insurance Trust (SSNIT) in consultation with the National Pensions Regulatory Authority of Ghana has announced an increase in monthly pensions by 15 percent for the year 2024.
In a press release, SSNIT states that the monthly increase is in line with Section 80 of the National Pensions Act 2008 (Act 766). In light of this, as of December 31, 2023, every pensioner on the SSNIT Pension Payroll will receive a GH¢79.10 monthly increase. This would be in addition to a fixed rate of 10% plus a flat amount (5% redistributed).
“All pensioners on the SSNIT Pension Payroll as at 31 December, 2023 will have their monthly pension increased by a Fixed Rate of 10% plus a flat amount (5% redistributed) of GH¢79.10,” part of the release read.
According to the new rate, 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 at 31 December 2023 will receive GHC 186,777.58 per month in 2024.
The lowest-earning pensioner as at 31 December 2023 will have the monthly pension increased from GHC 300 to GH¢ 409.10 in 2024.
The average monthly pension will increase from GHC 1.527.29 in 2023 to GHC 1,756.38 in 2024.”
The Social Security and National Insurance Trust retirated that, “pensioners are paid on the third Thursday of every month.”