The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) has increased pensioners’ monthly payment by 10%, effective 20th January, 2022.
This means that all pensioners on the SSNIT Pension Payroll as of 31st December, 2021 will enjoy the increment.
According to a press release issued by SSNIT, all pensioners “will have their monthly pension increased by a fixed rate of 9.68% plus a redistributed flat amount of ¢3.44.”
The highest earning pensioner as of 31st December, 2021 will receive a payment of ¢142,564.97 every month.
Pensioners receiving a minimum pension of ¢300 as of 31st December, 2021 will have their monthly pensions increased to ¢332.48.
However, the minimum pension for all new pensioners, effective January 2022 will be ¢300.
Addressing the media, Director General of SSNIT, Dr. John Ofori-Tenkorang said his outfit considered a number of factors including inflation before determining the new benefit.
“We look at targeted inflation that is what the forecast of inflation in the year we are to pay the pensioners’. In general, if you look at the historic plot, we’ve tracked it very well. Sometimes we also look at wage inflation”.
“We use part of people’s premium that they are currently paid to also pay part of the pensions, in addition to using money from our investments, among others. So if you don’t have contributors’ salaries increasing at a rate that matches your indexation or you do not have the number of people that are joining the scheme increasing, you may end up in a situation where there’s a mismatch between the premiums collected and the payments you’re making,” he said.