The Social Safety and Nationwide Insurance coverage Belief (SSNIT) has elevated pension profit by fifteen per cent for pensioners on the scheme.
With the brand new increment, the minimal month-to-month pension for present pensioners has been elevated to GH¢409.10 in 2024 from GH¢300.00 in 2023.
The Director-Basic of SSNIT, Dr John Ofori-Tenkorang, who said this throughout a information convention in Accra yesterday to announce the 2024 pension indexation price, stated the increment of the SNNIT pension profit was finished in session with the Nationwide Pensions Regulatory Authority (NPRA) and consistent with Part 80 of the Nationwide Pensions Act, 2008 (Act 766).
He defined that the “indexation of pension” was used to regulate pensions in fee to assist keep buying energy of pensioners.
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Dr Ofori-Tenkorang stated the month-to-month pension was listed at 15 per cent to make sure the sustainability of the scheme.
He stated the brand new pension increment, which might have an effect on about 243,575 members on the scheme, would lead to a further pension expenditure of GH¢ 697.64 million.
“The full expenditure in 2024 for pensioners on the Pension Payroll as at thirty first December 2023 will likely be GH¢ 5,387.72 million. The GH¢ 5,387.72 million excludes pension value for brand new awards i.e. the advantages to be paid to retirees who could be added to the pension payroll in 2024. The full profit expenditure is projected to extend from GH¢ 5,445.91 million in 2023 to GH¢ 7,023.43 million in 2024,” Dr Ofori-Tenkorang said.
Explaining the implementation of the brand new increment, the Director-Basic of SSNIT stated all of the pensioners on the SSNIT Pension Payroll as at thirty first December 2023 would have their month-to-month pension elevated by a set price of 10 per cent plus a flat quantity (5 per cent redistributed) which might assist members to get further GH¢79.10 to their pension.
Dr Ofori-Tenkorang stated redistribution was a mechanism utilized to the indexation price to cushion low-earning pensioners in conformity with the solidarity precept of social safety, including that the SSNIT Scheme, like every other outlined profit scheme, paid pensions which mirrored the earned salaries on which contributions have been paid.
“The efficient improve in pensions would due to this fact vary from 10.05 per cent for the highest-earning pensioner to 36.37 per cent for the lowest-earning pensioner. Accordingly, the highest-earning pensioner as at thirty first December 2023 will obtain GH¢ 186,777.58 per 30 days in 2024,” he said.
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He advised employees, notably these within the casual sector, to enrol on the SSNIT pension scheme so they may take pleasure in retirement earnings safety.
Dr Ofori-Tenkorang stated the SSNIT Pension scheme was the one scheme that paid members until they did after retirement.
The SSNIT Director-Basic stated the overall month-to-month good thing about GH¢480 million, involving 19,100 members, had been withheld since 2018.
He stated the quantity had been withheld as a result of the beneficiaries had not come to validate their membership with the scheme.
The Basic Secretary of the Nationwide Pensioners Affiliation, Stephen Boakye, recommended SNNIT for the rise.
He stated members of the Affiliation was anticipating a ten per cent indexation price and have been completely satisfied they’d gotten 15 per cent.
