The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pension Regulatory Authority (NPRA), has increased its indexed monthly pensions by 10% for the year 2022, effective January.
In a statement released by SSNIT, it indicated that all the SSNIT pension payrolls, as at 31st December, 2021, would have their monthly pensions increased by a fixed rate of 9.68%, plus a redistributed flat amount of GH¢3.44.
The statement added that, “the highest earning pensioner, as at 31st December, 2021, will receive GH¢142,564.97, and pensioners receiving the minimum pension of GH¢300, as at 31st December, 2021, will have their monthly pensions increased to GH¢332.48.
Addressing the media yesterday, the Director General of SSNIT, John Ofori Tenkorang, said his outfit considered a number of factors before determining the new benefit: “The percentage change in the annual average consumer price index for 2021.”
According to him, “The percentage change in the average wage of active contributors in 2021 has increased the long term sustainability of the scheme, and also the ability of the fund to pay.”
He added that the projected expenditure on pensions for 2022 was GH¢3.5 billion, and that, the upwards review would come at a cost of GH¢308 million to the scheme.
The reason for the indexation, he said, was mandatory in Section 80 of the National Pensions Act 2008 (Act 766), which states that, “the Trust shall annually review the pension payment, which shall be indexed to wage inflation rate of active contributors or another rate determined by the Trust in consultation with the board of Directors.” To him, SSNIT remains committed to paying all legitimate benefits accurately and timely.
