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Business News of Tuesday, 8 January 2019

Source: Graphic.com.gh

SSNIT increases pension by 11 per cent

The Social Security and National Insurance Trust (SSNIT) has increased the monthly pension by 11 per cent for this year.

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 GhC276 will now receive a minimum monthly pension of Gh?316.73, while the minimum monthly pension for all fresh pensioners from January 2019 has been pegged at GhC300.

This is more than the national monthly minimum wage of GhC287.55

This was revealed at a press conference in Accra on Tuesday by SSNIT to present the 2019 pension indexation.

The 2019 pension indexation pegged the minimum monthly pension increase at 11 per cent, with 9 per cent as a fix rate and 2 per cent being redistributed as a flat amount of GhC15.89 to pensioners earning lower pensions.

The Director- General of SSNIT, Dr John Ofori Tenkorang, said the scheme would incur an extra cost of GhC212.16 million 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.