Business News of Tuesday, 11 January 2022
Source: www.ghanaweb.com
SSNIT, NPRA announce increment for pensioners
10% rate to apply for December 31, 2021 beneficiaries
Minimum pensions for new pensioners will be GH¢300.00, SSNIT
The highest paid pension in the country as at the end of December 2021 is expected to earn a whooping GH¢142,564.97 as benefits, this is according to the Social Security and National Insurance Trust (SSNIT).
The development comes after the SSNIT in consultation with the National Pensions Regulatory Authority (NPRA) have announced a 10 percent increment for pensions beneficiaries in 2022.
A statement issued by the Trust explained an increment will apply to pensioners receiving benefits of GH¢300.00 as at 31st December, 2021 will also have their monthly pensions increased to GH¢332.48.
“All Pensioners on the SSNIT Pension Payroll as at 31st December, 2021 will have their monthly pension increased by a Fixed Rate of 9.68% plus a redistributed Flat Amount of GH¢3.44,” the trust stated.
It added that the minimum pension for all new pensioners effective January 2022 will however stand at GH¢300.00.
This means pensioners whose computed monthly pensions fall below GH¢300.00 will be placed on this minimum.
“All pensioners on the SSNIT pension payroll as at 31st December 2021 will have their monthly pension increased by a Fixed Rate of 9.68% plus a redistributed Flat Amount of GH¢3.44,” the Trust said.
Meanwhile, the redistribution is a mechanism applied to the indexation rate to cushion members on low pensions in conformity with the solidarity principle of social security.
“The effective increase in pensions would therefore range from 9.683% for the highest-earning pension to 10.83% for the lowest pension earner,” SSNIT added.
Read the full statement below: