{"id":775523,"date":"2020-01-02T19:07:56","date_gmt":"2020-01-02T19:07:56","guid":{"rendered":"https:\/\/ghana-mma.com\/2020\/01\/02\/ssnit-to-pay-gh%c2%a2-243m-pension-in-2020\/"},"modified":"2020-01-02T19:07:56","modified_gmt":"2020-01-02T19:07:56","slug":"ssnit-to-pay-gh%c2%a2-243m-pension-in-2020","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/01\/02\/ssnit-to-pay-gh%c2%a2-243m-pension-in-2020\/","title":{"rendered":"SSNIT To Pay GH\u00a2 243m Pension In 2020"},"content":{"rendered":"

<\/p>\n

\n

The Social Security and National Insurance Trust (SSNIT) is expected to pay pensions in excess of GH\u00a2 243 million in 2020.<\/p>\n

The amount represents an indexation rate of 11\u2105 for the year under review.<\/p>\n

Chief Actuary of SSNIT, Stephen Yeboah, made this known at a press conference on Thursday, January 2, 2020, in Accra.<\/p>\n

According to him, the 2020 indexation rate was determined using the percentage change in the annual average Consumer Price index for 2019, forecast of the National Annual Price Inflation, ability of the Fund to pay and the long term sustainability of the Scheme, among others.<\/p>\n

The 11\u2105 rate is higher than the forecasted inflation rate of 8\u2105 for 2020.<\/p>\n

Redistribution<\/em><\/p>\n

According to the Chief Actuary, the overall indexation rate amount was redistributed at a fixed rate of 6.6\u2105 and a flat amount of GH\u00a2 37.38 for all pensioners on the SSNIT pension payroll as at 31st December, 2019.<\/p>\n

He noted that with the redistribution, lowest earning pensioners will get an indexation rate of 19.06\u2105.<\/p>\n

He added that 70\u2105 of pensioners will receive 11\u2105 or more as effective increase in their pension.<\/p>\n

He revealed that 98\u2105 of pensioners will receive an effective increase equal to or above the targeted inflation rate for 2020.<\/p>\n

Increment<\/p>\n

As a result, pensioners on the SSNIT pension payroll as at 31st December, 2019, receiving the minimum pension of GH\u00a2 300 will have their pension increased to GH\u00a2 357. 18 ( an increase of 19.06\u2105).<\/p>\n

The minimum pension for all pensioners in 2020 will be GH\u00a2 300, he stressed.<\/p>\n

BY Melvin Tarlue<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The Social Security and National Insurance Trust (SSNIT) is expected to pay pensions in excess of GH\u00a2 243 million in 2020. The amount represents an indexation rate of 11\u2105 for the year under review. Chief Actuary of SSNIT, Stephen Yeboah, made this known at a press conference on Thursday, January 2, 2020, in Accra. According […]<\/p>\n","protected":false},"author":1,"featured_media":775524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-775523","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nSSNIT To Pay GH\u00a2 243m Pension In 2020 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/01\/02\/ssnit-to-pay-gh\u00a2-243m-pension-in-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SSNIT To Pay GH\u00a2 243m Pension In 2020 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The Social Security and National Insurance Trust (SSNIT) is expected to pay pensions in excess of GH\u00a2 243 million in 2020. 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