The Social Security and National Trust (SSNIT) has increased monthly pension benefits to 10% for the year 2022.
The increment, according to SSNIT, follows consultations with the National Pensions Regulatory Authority (NPRA) in line with Section 80 of the National Pensions Act 2008 (Act 766).
The Chief Actuarialist of SSNIT, Joe Poku, addressing the media on their 2022 indexation explained the increment is to help contributors enjoy a good life while on retirement.
The increase in pensions would, therefore, range from 9.683% for the highest-earning pension to 10.83% for the lowest pension earner.
The scheme explained all pensioners on the SSNIT Pension Payroll as of 31st December 2021 will have their monthly pension increased by a Fixed Rate of 9.68% plus a redistributed flat amount of GHS3.44.
Redistribution is a mechanism applied to the indexation rate to cushion Members on low pensions in conformity with the solidarity principle of social security.
In view of this, the highest-earning pensioner as of 31st December 2021 receiving GH¢ 129,979.51 will now be paid GH¢ 142,564.97.
Pensioners receiving the minimum pension of GHS300.00 will now have their monthly pensions increased to GH¢ 332.48, this is 10.8% from the old rate.
The minimum pension for all new pensioners effective January 2022 will also be GHS300.00.
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This means pensioners whose computed monthly pensions fall below GHS300.00 will be placed on this minimum.
About 225,000 active pensioners are expected to benefit from the adjustment.
Meanwhile, the Director-General of SSNIT Dr John Ofori-Tenkorang added that the Trust remains committed to paying all legitimate benefits accurately and timeously.
SSNIT further assured pensioners will be paid on the third Thursday of every month.