The Social Security and National Insurance Trust (SSNIT) has approved a 10% increase in monthly pensions for 2026, benefiting all retirees on its payroll as of December 31, 2025.
This indexation nearly double December 2024’s 5.4% inflation rate underscores SSNIT’s dedication to shielding pensioners’ purchasing power. “The current adjustment exceeds recent inflation, ensuring every pensioner is protected,” stated Director-General Kwesi Afreh Biney during a January 8 ceremony in Accra.
The rate draws from factors like the fund’s long-term sustainability, projected 2025 inflation of 8% plus 2%, and salary growth among active contributors. Approved under Section 80 of the National Pensions Act, 2008 (Act 766), following consultations with the National Pensions Regulatory Authority (NPRA).
Lower-income retirees gain extra support: 2,964 new pensioners qualify for a 36% minimum pension hike from GH¢300 to GH¢400, while current retirees’ minimum rises to GH¢409.56. “This protects those at the lower end while maintaining sustainability,” Afreh Biney emphasized.
High earners see substantial gains too the top pensioner will receive GH¢213,991.47 monthly, up from GH¢201,792.37. Overall, SSNIT projects GH¢7 billion in total pensions for 2026, with monthly payouts exceeding GH¢580 million. The Trust also aims to add over 200,000 participants to bolster the scheme’s viability.
Increases vary: higher earners get closer to the full 10%, while lower-income groups benefit more from the boosted minimum and flat adjustments.
Story by: Mercy Addai Turkson #ahotoronline.com