The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payment by 20% effective January 2016.
According to a statement issued by Corporate Affairs Manager SSNIT, Ms Evangeline Amegashie, the latest increment means the minimum wage for current pensioners will increase to ₵296.89 from ₵230.00.
The statement added that “all fresh pensioners from January will receive a new monthly pension of ₵276.00”.
Read SSNIT's statement below:
The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act 2008 Act 766 with the administration of Ghana’s Basic National Social Security Pension Scheme and to cater for the first tier of the contributory three-tier scheme. The Trust is currently the largest non-bank financial institution in the country.
The primary responsibility is to replace part of lost income of Ghanaian workers or their dependants due to Old Age, Invalidity, or loss of life.
The Pension Scheme as administered by SSNIT has a registered membership of approximately 1.2 million with over 140,000 pensioners who regularly receive their monthly pensions from SSNIT. The annual absolute growth of pensioners is over 7,000.
The SSNIT, or the Social Security and National Insurance Trust, is an important agency of the government of Ghana.
The "job description" of the SSNIT, according to its website, is to administrate the National Pension Scheme. In so doing, the SSNIT owns major amounts of stock in Ghana's principal companies, and is an important part of Ghana's economy.