The Social Security and National Insurance Trust, SSNIT has adjusted monthly pensions upwards by 10% for the 2022 fiscal year. This is to help pensioners maintain their purchasing power. The decision was taken in consultation with the National Pensions Regulatory Authority pursuant to Section 80 of the National Pensions Act 766 of 2008.
Section 80 of the Act states that “the Trust shall annually review the pension payment which shall be indexed to wage inflation rates of active contributors or another rate determined by the Trust in consultation with the Board of the Authority.
A statement from SSNIT said all pensioners on its pension payroll as at December 31, 2021, will have their monthly pension increased by a fixed rate of ₵ 9.68% plus a redistributed flat amount of ₵ 3.44.
The effective increase in pensions will therefore range from ₵ 9.683% for the highest earning pension to ₵ 10.83 % for the lowest pension earner. Per the statement, the highest earning Pensioner as at December 31,2021 will receive ₵142,564 and Pensioners receiving the minimum pension of ₵300.00 as at 31st December, 2021 will have their monthly pensions adjusted to ₵332.00.
The statement added that the minimum pension for all new Pensioners effective January 2022, will be ₵300.00.
Meanwhile, SSNIT has announced that Pensioners will be paid on the third Thursday of every month.
