The Social Security and National Insurance Trust (SSNIT) has increased the monthly pension by 11 per cent for this year.
This was done in consultation with the National Pensions Regulatory Commission (NPRA) and in accordance with Section 80 of the National Pensions Act, 2008 (Act 766).
In view of this, pensioners on the 2018 minimum monthly pension of 276 cedis will now receive a minimum monthly pension of 316 cedis while the minimum monthly pension for all fresh pensioners from January 2019 has been pegged at 300 cedis.
This is more than the national monthly minimum wage of 287 cedis. This was revealed at a news conference in Accra by SSNIT to present the 2019 pension indexation.
The 2019 pension indexat pegged the minimum monthly pension increase at 11 per cent, with 9 per cent as a fix rate and 2 per cent being redistributed as a flat amount of 15 cedis to pensioners earning lower pensions.
The Director- General of SSNIT, Dr. John Ofori Tenkorang, said the scheme would incur an extra cost of 212 million cedis which had already been factored into its operations for the year 2019.
