Ghana increases the amount given to pensioners by 11 per cent

The Social Security and National Insurance Trust (SSNIT) in Ghana has announced that it has increased the amount given to pensioners every month by 11 per cent.

Director-General of SSNIT, Dr John Ofori-Tenkorang

The policy is projected to commence this month.

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 $52.00 (equivalent Gh₵276) will now receive a minimum monthly pension of $65.00 (equivalent Gh₵316.73), while the minimum monthly pension for all fresh pensioners from January 2019 has been pegged at $61.00 (equivalent Gh₵300).

SSNIT on Tuesday, January 8, 2019, made the revelation at a press conference in Accra on Tuesday by SSNIT to present the 2019 pension indexation.

The Director-General of SSNIT, Dr John Ofori Tenkorang, disclosed that said the increment incur an extra cost of $44 million on the country’s coffers but it has already been factored into its operations for the year 2019.

“What we have announced today will take effect immediately,” adding that, “so pensioners who will go for their pensions on January 14 will see an increase, and it’s going to run through the year.”

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