Pensions allowance increased by 15%

The Social Security and National Insurance Trust (SSNIT) has increased the monthly pensions allowance by 15 percent.

According to a statement issued by Ms Evangeline Amegashie, SSNIT Corporate Affairs Manager, the increment takes effect from January 2015.

“The Social Security and National Insurance Trust (SSNIT) in accordance with Section 80 of the National Pensions Act 2008 (Act 766) has increased monthly pensions by 15.0% for 2015.”

The statement said the minimum monthly pension for fresh pensioners shall therefore be GHS230.00.

The increment for current pensioners shall be implemented as follows:

(a) All monthly pensions as at December 31, 2014 will be increased by a fixed rate of 5% plus an additional flat amount of GHS36.92. The GHS36.92 constitutes the remaining 10.0%.

(b) Current pensioners as at December 2014 who were on the minimum monthly pension of GHS200.00 will have their monthly pensions increased to GHS246.43 (i.e. an effective increase of 23.46%).