The Social Security and National Insurance Trust (SSNIT), in consultation
with the National Pensions Regulatory Authority (NPRA) and in line with Section 80 of the National Pensions Act, 2008, (Act 766), has indexed monthly pensions upwards by 15% for the year 2024.

According to SSNIT, the increment shall be implemented as follows: All pensioners on the SSNIT Pension Payroll as of 31st December 2023 will have their monthly pension increased by a Fixed Rate of 10% plus a redistributed flat amount of GH¢79.10.

Addressing the media during the 2024 SSNIT indexation rate at their headquarters in Accra, Director-General, Dr. Ofori Tenkorang explained that, a redistribution mechanism is applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security.

He said the SSNIT Scheme, like any other defined benefit scheme, pays pensions that mirror the earned salaries on which contributions were paid.

He however mentioned that the effective increase in pensions would therefore range from 10.05% for the highest-earning pensioner to 36.37% for the lowest-earning pensioner.

He added the highest-earning pensioner as of 31st December 2023 will receive GH¢ 186,777.58 per month in 2024.

The lowest-earning pensioner as of 31st December 2023 will have the monthly pension increased from GH¢ 300 to GH¢ 409.10 in 2024.

On the part of the General Secretary for the National Pensioners Association of Ghana, Mr. Stephen Boakye also said they were expecting 20 or more percent from the scheme but the 15 percent is appreciative and it can cushion low-earning pensioners in the country.

He further lauded SSNIT management for such a timely increment at this period of time.