The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act, 2008 (Act 766), has indexed monthly pensions upwards by 15% for the year 2024.
This Increment Shall Be Implemented As Follows:
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.
Redistribution is a mechanism applied to the indexation rate to custom low-earning pensioners in conformity with the solidarity principle of social security.
The SSNIT Scheme, like any other defined benefit scheme pays pensions which mirror the earned salaries on which contributions were paid.
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 31st December, 2023 will receive GH¢186,777.58 per month in 2024.
The lowest-earning pensioner as 31st December, 2023 will have the monthly pension increased from GH¢300 to GH¢409.10 in 2024.
The average monthly pension will increase from GH¢1,527.29 in 2023 to GH¢1,756.38 in 2024.
The 15% indexation rate will result in an additional pension expenditure of GH¢697.64 million. The total expenditure in 2024 for pensioners on the pension payroll as at 31st December, 2023 will be GH¢5,387.72 million.
The GH¢5,387.72 million excludes pension costs for new awards ie. the benefits to be paid to retirees who would be added to the pension payroll in 2024.
The total benefit expenditure is projected to increase from GH¢5445.91 million in 2023 to GH¢7023.43 million in 2024.
Pensioners are paid on the third Thursday of every month.
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