The General Secretary of the National Pensioners Association, has welcomed the Social Security and National Insurance Trust (SSNIT) increase of pensions of all legitimate beneficiaries to 25percent effective January 1, 2023.
Commenting on the new upward adjustment, Stephen Bonney, said as an association, they are happy and therefore accept the increment in view of the economic situations of the country.
He urged all employers and those in the informal sector to contribute towards their retirement, because it is the only guarantee for a soft life after retirement.
This figure is an increment of 150percent on the 2022 upward increase which was 10percent.
With this 25 percent, all pensioners on the SSNIT payroll will be paid a fixed 19 percent increase.
The remaining 6percent will, therefore be redistributed as a flat rate which comes up to Ghc 73.58.
What this means is that the lowest pension earner, will receive more under this new increment, as compared to the highest earner.
The Chief Actuary at SSNIT, Joseph Poku, who explained the indexation at a press conference on Friday, January 13, 2023, indicated that it was in line with a legal requirement.
In numerical terms, the highest pension earner who was receiving Ghc142, 564.97 in 2022, will now get Ghc169, 725.89 and the lowest earner who was taking Ghc300.00, will now collect Ghc430.58, this year on a monthly basis.
The Director General of SSNIT, Dr John Ofori-Tenkorang, who also briefed the media, said an additional 814, 000 pensioners have been rolled on to the scheme as at December 2022.
With the new increment in pension benefits, the scheme he noted will spend a total of Ghc5 billion this year
He seized the occasion to assure pensioners of their funds of being safe, since it has been exempted from the debts exchange programme being undertaken by the government.
