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.
This increment shall be implemented as follows:
Redistribution is a mechanism applied to the indexation rate to cushion low-earning
pensioners in conformity with the solidarity principle of social security.
The SSNIT Scheme, like any other defined benefit scheme, pays pensions which mirror the
earned salaries on which contributions were paid.
The effective increase in pensions would therefore range from 10.05% for the
highest-earning pensioner to 36.37% for the lowest-earning pensioner.
Highest -earning pensioner
Accordingly, the highest-earning pensioner as at 31st December 2023 will receive
GHC 186,777.58 per month in 2024.
Lowest Earning Pensioner
The lowest-earning pensioner as at 31st December 2023 will have the monthly
pension increased from GH¢ 300 to GHC 409.10 in 2024.
The average monthly pension will increase from GHc 1,527.29 in 2023 to
GHC 1,756.38 in 2024.
The 15% indexation rate will result in an additional pension expenditure of
GHC 697.64 million. The total expenditure in 2024 for pensioners on the Pension
Payroll as at 31st December 2023 will be GHc 5,387.72 million.
The GHc 5.387.72 million excludes pension cost for new awards i.e. the benefits to be paid to retirees
who would be added to the pension payroll in 2024.
The total benefit expenditure is projected to increase from GHc 5,445.91 million in
2023 to GHC 7,023.43 million in 2024.
When Pensions are Paid
Pensioners are paid on the third Thursday of every month.
The Social Security and National Insurance Trust is a statutory Public Trust with
the mandate to manage the Basic National Social Security Scheme, which is the
first tier of the contributory three-tier pension scheme, and to provide for related
matters under the National Pensions Act, 2008 (Act 766).
SSNIT is charged with the responsibility of replacing part of lost income to its
contributors and their dependants due to old age, invalidity, emigration or death.
The pension a Member enjoys under the First Tier Scheme depends on the basic
salary (on which contributions were made) and the number of months one has
contributed to the Scheme.
15% OVERALL INDEXATION RATE
Highest-earning Pensioner will receive a
monthly pension of GHC 186,777.58
Lowest-earning Pensioner will receive a
monthly pension of
Average Monthly Pension will be
Pension for 2024