SSNIT: Maximum insurable earnings increased to GHS 42,000 for 2023
Maximum insurable earnings for the year 2023 has been increased to GHS 42,000 from the previous amount of GHS 35,000 by the Social Security and National Insurance Trust (SSNIT), effective January 1, 2023.
Accordingly, the minimum insurable earning has also been increased from GHS 365.33 to GHS 401.76 to reflect increment in the national daily minimum wage.
In a statement issued by SSNIT on January 11, 2023, SSNIT emphasised that the increase was made after careful consultations with the National Pensions Regulatory Authority in accordance with Section 63 (3) of the National Pensions Act 2008 (Act 766).
It further urged employers and members of the insurance scheme to comply with the new changes and ensure the right contributions as the maximum and minimum contributions payable to SSNIT will be ¢5,670 and ¢54.24 respectively.
Read statement below:
