The Social Security and National Insurance Trust (SSNIT), in collaboration with the National Pensions Regulatory Authority (NPRA), has implemented a 15% upward adjustment in monthly pensions for the year 2024, as mandated by Section 80 of the National Pensions Act, 2008 (Act 766).
This translates to a 15% increase in the monthly payments for pensioners.
SSNIT has specified that all pensioners on its pension payroll will experience a fixed rate increase of 10%, coupled with an additional flat amount of ¢79.10.
During the launch of the 2024 Pension Indexation Report, Chief Actuary Joseph Poku emphasized SSNIT’s commitment to extending the coverage of the national social security scheme to future retirees.
He highlighted that the indexation, a legal requirement, is aimed at reviewing benefits to ensure pensioners can lead dignified lives.
Mr. Poku explained, “The indexation is a technique we use to adjust pension payments to help maintain the purchasing power of pensioners.”
In further detail, he clarified that all pensioners on the SSNIT Pension Payroll as of December 31, 2023, will witness a monthly pension increase comprising a fixed rate of 10% and an additional redistributed flat amount of GH¢79.10.
