SSNIT increases monthly pension payment by 15%

The Social Security and National Insurance Trust (SSNIT) has announced an increase in monthly pension payments by 15% for the year 2024.

This decision, in accordance with Section 80 of the National Pensions Act, 2008, aims to ensure that pensioners receive a fair and decent income. In addition, SSNIT will provide a Fixed Rate of 10% along with a redistributed flat amount of GH¢79.10 to all pensioners on their payroll as of December 31, 2023. This adjustment is part of SSNIT’s commitment to expanding the coverage of the national social security scheme and supporting future retirees.

The Chief Actuary, Joseph Poku, explained that the purpose of the indexation is to maintain the purchasing power of pensioners over time. The increase in pensions will vary based on income, with the highest-earning pensioner receiving a monthly pension of ¢186,777.58 in 2024, and the lowest-earning pensioner seeing their monthly pension rise from ¢300 to ¢409.10.

The average monthly pension will increase from ¢1,527.29 in 2023 to ¢1,756.38 in 2024. The total expenditure for pensioners on the SSNIT Pension Payroll as of December 31, 2023, will be ¢5,387.72 million, excluding costs for new retirees in 2024. Overall, the total benefit expenditure is projected to increase from ¢5,445.91 million in 2023 to GH¢7,023.43 million in 2024. Pensioners can expect their payments on the third Thursday of every month.