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Business News of Wednesday, 25 August 2021

Source: www.ghanaweb.com

223,670 SSNIT pensioners receive less than GH¢1,000 per month - NPRA

SSNIT Pension House SSNIT Pension House

• More than half (53%) of pensioners on SNNIT's payroll currently receive less than GH¢1,000 per month

• Out of this number 1,669 pensioners received less than GH¢300 per month

• This was revealed by the National Pensions and Regulatory Authority


The National Pensions Regulatory Authority has revealed that more than 53% of the 233,670 pensioners currently on the payroll of Social Security and National Insurance Trust (SSNIT) receive less than GH¢1,000 per month.

Director of Planning, Monitoring and Evaluation at the Authority, Ernest Amartey-Vondee disclosed that out of this number 1,669 pensioners received less than GH¢300 per month while 26,571 pensions were receiving between GH¢301 and GH¢499 per month.

Amartey-Vondee speaking at a stakeholder engagement organised by Old Mutual Ghana further revealed that another bracket of persons low on pensions were 124,655 who received GH¢501.

This meant that in all, 152,895 pensioners earned less than GH¢1,000 which represents 53 percent of the total figure.

He however noted that the low figures resulted in the diversification of the pension base which culminated in the implementation of the three-tier pension scheme in 2010.

“The main reason for the reforms was to diversify the pension’s income base,” the NPRA Director said.