SSNIT Increases Monthly Pension Payments By 15% For 2024

The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by 15% in line with its 2024 indexation rate.

Following the review which is by Section 80 of the National Pensions Act, 2008, (Act 766) all valid pensioners on the SSNIT pension payroll as of the end of December 2023 will have their monthly pensions go up by a fixed Rate of 10% plus a redistributed flat amount of ¢79.10.

The minimum-wage pensioner would receive GHC409.10 as a result of the increase. This represents a 36.37% increase above the 2023 minimum pension payment.

The highest-earning pensioner will now receive GH¢186,777.58 per month.

According to Joseph Poku, Chief Actuary at SSNIT, this adjustment was reached with the National Pensions Regulatory Authority (NPRA) to protect pensioners from the rising cost of living while sustaining the scheme.

Speaking at the launch of the 2024 Pension Indexation Report, Joseph Poku said, the 15% increment is a response to a forecast of a 20% wage inflation for active contributors and a 23.16% inflation rate projection for 2024 by SSNIT.

The average monthly pension will increase from ¢1,527.29 in 2023 to ¢ 1,756.38 in 2024.

The 15% indexation rate will result in an additional pension expenditure of ¢697.64 million. The total expenditure in 2024 for pensioners on the Pension Payroll as of 31st December 2023 will be ¢5,387.72 million”.

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