SSNIT Increases Monthly Pension Payments
The Social Security and National Insurance Trust (SSNIT) has announced a 12% overall pension indexation rate for the year 2025.
This follows consultation with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act.
The increment took effect in January and the revised amount would be paid on the third Thursday of every month, it noted.
In a statement, SSNIT indicated that all pensioners on the SSNIT Pension Payroll as of December 31, 2024, will have their monthly pension increased by an average of 12%.
“This will be made up of a Fixed Rate of 8% plus a flat amount of GHc72.58, which is the balance of 4% that is to be redistributed.”
It explained, “Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity, principle of social security. As a result, pensioners will have an effective increment between 32.19% at the bottom end and 8.04% at the top end.”
According to SSNIT, the redistribution ensures that the minimum monthly pension of GHc300 in 2024 will increase to GHc396.58 in 2025, an effective increase of 32.19%.
Meanwhile, the highest-earning SSNIT pensioner who is under the PNDC Law 247 as of the end of 2024 will receive GHC201,792.37 per month in 2025, representing a percentage increase of 8.04%.
By that, the average monthly pension will increase from GHc1,776.81 in 2024 to GHc1,990.03 in 2025.
It continued, “Given the 2025 indexation, approximately 63% of pensioners will receive an effective increase from 12% to 32.19%, to help maintain their standard of living. This applies to those receiving GHS1,814.50 or less monthly.”
Source: opemsuo.com/Hajara Fuseini
