SSNIT increases pension benefit by 10%

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The Social Security and National Insurance Trust (SSNIT) has increased monthly pension benefits by 10 per cent for the year 2021.

A statement from SSNIT indicated that the increment was in accordance with Section 80 of the National Pensions Act 2008 (Act766).

This means that current pensioners on SSNIT as of December 2020 will have their pensions increased by a fixed rate of 9.34 percent.

An additional flat amount of GH¢6.47 would also be paid per pensioner.

Accordingly, pensioners on the current minimum monthly pension of GH¢300.00 will have their pensions increased to GH¢334.49, the statement said.

It added that all fresh pensioners from January 2021 will receive a new minimum monthly pension of GH¢300.00.

SSNIT is a Statutory Public Trust charged with the administration of the First-Tier Contributory Basic National Social Security Pension Scheme under the National Pensions Act, 2008 Act 766.

The primary responsibility of SSNIT is to replace lost income of members of the Scheme due to Old age, Invalidity or Death.

The Trust has over 1.2 million active contributors and over 150,000 pensioners.

The Trust is currently the largest non-bank financial institution in Ghana.

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