• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

SSNIT increases monthly pensions by 25%

3 years ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
140
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

SSNIT increases monthly pensions by 25%

The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA), has increased monthly pensions upwards by 25% for the year 2023.

This is in line with Section 80 of the National Pensions Act 2008 (Act 766).

Last year, the increment was fixed at 10%.

Joseph Poku, the chief Actuary at SSNIT, explaining the mechanisms at a press briefing, said all pensioners on the SSNIT Pension Payroll as of 31 December 2022, would have their monthly pension increased by a fixed rate of 19% plus a redistributed flat amount of GHC73.58.

He said the redistribution was a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security.

He said the review was informed by wage inflation, consumer price index for the year, liquidity, and long sustainability.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

He said the effective increase in pensions would therefore range from 19.05% for the highest-earning pensioner to 43.53% for the lowest-earning pensioner.

“Accordingly, the highest-earning pensioner as of 31 December 2022, will receive GHC169,725.89 per month in 2023,” he added.

Meanwhile, the lowest-earning pensioner as of 31 December 2022, will have his / her monthly pension increased from GHC300 to GHC430.58 in 2023.

John Ofori-Tenkorang, the director-general of SSNIT, said last year, the Scheme was able to register 214, 000 new members.

He said last year, SSNIT disbursed GHC4 billion in benefits to pensioners and they were committed to paying benefits promptly to all beneficiaries on their payroll.

Stephen Boakye, the general secretary of the National Pensioners Association, said the Association welcomes the new increment.

“We never thought of getting a 25% increment from the previous 10% received during the COVID-19,” he said.

He commended the leadership of SSNIT for the increment, saying it was a good decision.
He said they would be reaching out to employers because most of them had not been paying their employees’ pension deductions and this could affect them after retirement.

“We call on all workers to take this exercise seriously and add up their pension contribution if the need be, to be able to benefit soon,” he said.

Tags: SSNITSSNIT increases monthly pensions by 25%
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.