SSNIT increases monthly pension payment by 12%

The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by 12% in line with its annual indexation processes.

This increment, which is effective January 2025, is in consultation with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act, 2008, (Act 766).

To this end, all valid pensioners on the SSNIT pension payroll as of the end of December 2024 will have their monthly pensions go up by an average of 12%.

This will be made up by a fixed rate of 8% plus a flat amount of GHS 72.58, which is the balance of 4% that is to be redistributed.

The lowest-wage pensioner would receive GHC396.58 as a result of the increase. This represents a 32.19% increase above the 2024 minimum pension payment.

The highest-earning pensioner under PNDCL 247 and Act 766 will now receive GH¢201,792.37 and GHS 28,703.01 per month respectively.

SSNIT undertakes this upward adjustment to maintain the real value of pensions to ensure that beneficiaries can better cope with economic pressures.