Pensions for 2020 have been increased by, at least, 6.6%, the Social Security and National Insurance Trust (SSNIT) has announced.
The Director-General of SSNIT, Dr John Ofori-Tenkorang, made the announcement on Thursday, 2 January 2020 in Accra.
According to SSNIT: “The approved overall indexation rate of 11% for 2020 is higher than the forecast inflation rate of 8.0% for 2020. The overall indexation amount was redistributed at a fixed rate of 6.6% and a flat amount of GHS37.38 for all pensioners on the SSNIT Pension Payroll as of 31 December 2019.”
SSNIT said 70 per cent of pensioners will receive 11% or more as an effective increase in their pensions while 98% of pensioners will receive an increase equal to or above the targeted inflation rate for 2020.
Pensioners on the SSNIT scheme who were receiving GHS300 a month will now receive GHS357.18.
According to SSNIT, there were about 216,000 pensioners on the payroll in 2019 but this is expected to increase to 240,000 in 2020.