SSNIT increases monthly pension by 10%

Source: Ghana| |Abubakar Ibrahim
Date: 4th-january-2018 Time:  2:39:50 pm

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The Social Security and National Insurance Trust (SSNIT) has increased the monthly pension by 10% for the year 2018.

This is in consultation with the National Pensions Regulatory Authority (NPRA) and in accordance with Section 80 of the National Pensions Act 2008 (Act 766).

Accordingly, current pensioners on the SSNIT Pension payroll as at December 2017 will have their pensions increased by 10%.

Those on the current minimum pension of GH¢276.00 will have their pensions increased to GH¢303.60.

The minimum pension for all fresh pensioners from January 2018 will be GH¢276.00.

SSNIT is a Statutory Public Trust with the mandate of administering the First Tier Basic National Social Security Pension Scheme under Act 766.

The Trust is charged with the responsibility of replacing part of lost income to its contributors due to old age, invalidity, emigration or death.

The cash benefit a member enjoys under the First Tier Scheme is dependent on the Basic Salary (on which contributions were made) and the number of months one has contributed to the scheme.

The Trust currently has over 187,000 Pensioners and pays over GH¢172 million to Pensioners every month.

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