The sports category has moved to a new website.

Ghana’s Social Security Scheme has increased pension by 11 percent

Director- General of SSNIT, Dr John Ofori Tenkorang
  • SSNIT has increased the monthly pension benefit of pensioners.
  • This is in accordance with Section 80 of the National Pensions Act, 2008 (Act 766).
  • The increase was done in consultation with the National Pensions Regulatory Commission (NPRA)

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).

ADVERTISEMENT

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.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

African countries with the highest divorce rate

African countries with the highest divorce rate

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

ADVERTISEMENT