Ghana’s Social Security and National Insurance Trust (SSNIT) has expanded its month to month annuities by 10% for the year 2021.
According to the outfit, the addition implies all beneficiaries on the SSNIT Pension Payroll as at December 31, 2020, will have their month to month benefits expanded by a fixed pace of 9.34% representing the yearly average price inflation, in addition to a reallocated level measure of GH¢6.47.
Consequently, retired people receiving the minimum benefits of GHS300.00 as at 31st December, 2020 will have their month to month annuities expanded to GH¢334.49– a viable increment of 11.5%.
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This system is to pad Members on low benefits in accordance with the fortitude rule of government backed retirement. Low benefits emerge because of low fundamental compensations on which commitments were paid.
Beneficiaries whose figured month to month pensions fall beneath GH¢300.00 will be set on this minimum. Members will thusly be paid on the third Thursday of every month.
The addition was completed by SSNIT in counsel with the National Pensions Regulatory Authority (NPRA) and as per Section 80 of the National Pensions Act 2008 (Act 766).