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The Social Security & National Insurance (SSNIT) has increased the monthly pension by 20 percent for the year 2016.
Accordingly, pensioners on the current minimum monthly pension of GH¢230.00 will have their pensions increased to GH¢296.89.
A press statement issued by SSNIT yesterday and signed by Evangeline Amegashie, Corporate Affairs Manager, said the foregoing adjustments were in accordance with Section 80 of the National Pensions Act 2008 (Act 766).
Current pensioners on the SSNIT Pension as at December, 2015, will have their pensions increased by a fixed rate of 12 percent plus an additional flat amount of GH¢39.29 per pensioner.
“This translates into the following after redistribution:
All fresh pensioners from January 2016 will receive a new minimum monthly pension of GH¢276.00.”
SSNIT, a statutory public trust charged with the administration of the First-Tier Contributory Basic National Social Security Pension Scheme under the National Pensions Act, 2008 Act 766, has the primary responsibility to replace lost income of members of the scheme due to old age, invalidity or death.
The Trust has over 1.2 million active contributors and over 150,000 pensioners.
It is currently the largest non-bank financial institution in Ghana.
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