Business News of Tuesday, 11 January 2022
Source: www.ghanaweb.com
2022-01-11
Social Security and National Insurance Trust
Highest pensioner to receive GH¢ 142,564.97
Minimum pension for new pensioners will be GH¢300.00
Redistribution to cushion members on low pension
Social Security and National Insurance Trust (SSNIT) has disclosed that this year, there’s going to be a 10% increment in monthly pension contribution.
The Trust noted that this new directive is in line with Section 80 of the National Pensions Act 2008 (Act 766).
It pointed out that the National Pensions Regulatory Authority (NPRA) were consulted before this 10% monthly increment in pension scheme was rolled out.
In a press release copied to GhanaWeb, SSNIT noted that, “All pensioners on the SSNIT pension payroll as at 31st December 2021 will have their monthly pension increased by a Fixed Rate of 9.68% plus a redistributed Flat Amount of GH¢3.44.”
Redistribution is a mechanism applied to the indexation rate to cushion members on low pensions in conformity with the solidarity principle of social security.
“The effective increase in pensions would therefore range from 9.683% for the highest earning pension to 10.83% for the lowest pension earner,” it added.
Effective January this year, the minimum pension for all new pensioners will be GH¢300.00.
The highest pensioner, on the other hand, will receive an amount of GH¢ 142,564.97.
Read SSNIT’s press statement below