SSNIT increases monthly pension by 10%

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The Social Security and National Insurance Trust (SSNIT) has increased monthly pensions by 10% for the year 2021.

In a public notice, SSNIT said the increment means all pensioners on the SSNIT Pension Payroll as of December 31, 2020, will have their monthly pension increased by a fixed rate of 9.34% representing the annual average price inflation, plus a redistributed flat amount of GH¢6.47.

SSNIT

“Accordingly, Pensioners receiving the minimum pension of GHS300.00 as at 31st December 2020 will have their monthly pensions increased to GH¢334.49, representing an effective increase of 11.5%,” the notice said.

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“Redistribution is a mechanism applied to the indexation rate to cushion Members on low pensions in line with the solidarity principle of social security. Low pensions arise as a result of low basic salaries on which contributions were paid.

“The minimum pension for all new Pensioners effective January 2021 will be GH¢300.00. This means, pensioners whose computed monthly pensions fall below GH¢300.00 will be placed on this minimum”.

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“Redistribution is a mechanism applied to the indexation rate to cushion Members on low pensions in line with the solidarity principle of social security. Low pensions arise as a result of low basic salaries on which contributions were paid.

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“The minimum pension for all new Pensioners effective January 2021 will be GH¢300.00. This means, pensioners whose computed monthly pensions fall below GH¢300.00 will be placed on this minimum”.

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