Ghana’s Basic National Social Security Scheme has increased the monthly pension benefit by 11 percent for the year 2019.
According to the Director- General of The Social Security and National Insurance Trust (SSNIT) Dr John Ofori Tenkorang the increase 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).
This increase means that pensioners who received the minimum monthly pension of Gh₵276 ($56.33) in 2018 will now receive a minimum monthly pension of Gh₵316.73 ($64.65).
Meanwhile, the minimum monthly pension for all fresh pensioners from January 2019 has been pegged at Gh₵300 ($61.23).
This is higher than the national monthly minimum wage of Gh₵287.55 ($58.69).
At a press conference in Accra on Tuesday (January 8, 2019) by SSNIT to present the 2019 pension indexation, the minimum monthly pension increase was pegged at 11 percent, with 9 percent as a fixed rate and 2 percent being redistributed as a flat amount of Gh₵15.89 to pensioners earning lower pensions.
Dr Tenkorang said due to the increases, the scheme would incur an extra cost of Gh₵212.16 million ($43,304,147.33) which had already been factored into its operations for the year 2019.
“What we have announced today will take effect immediately. So pensioners who will go for their pensions on January 14 will see an increase, and it’s going to run through the year,” he said.
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