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The Social Security and National Insurance Fund (SSNIT) has increased monthly pensions by 10% by 2021.
In a public notice, SSNIT said that the increase means that all pensioners on the SSNIT pension payroll as of December 31, 2020, will have their monthly pension increased at a fixed rate of 9.34% that represents the annual average price inflation, plus a redistributed flat amount of GH ¢ 6.47.
“Consequently, pensioners who receive the minimum pension of GHS300.00 as of December 31, 2020 will see their monthly pension increased to GH ¢ 334.49, which represents an effective increase of 11.5%,” read the notice.
“Redistribution is a mechanism applied to the indexation rate to protect affiliates with low pensions in accordance with the principle of solidarity of social security. Low pensions arise as a result of the low basic wages on which they were paid the quotes.
“The minimum pension for all new Pensioners from January 2021 will be GH ¢ 300.00. In other words, pensioners whose calculated monthly pensions are less than GH ¢ 300.00 will be placed on this minimum ”.
SSNIT increases pensions – Minimum monthly payment now GH ¢ 300
The notice also indicated that all pensioners will receive payment on the third Thursday of each month.
The increase was made by SSNIT in consultation with the National Pensions Regulatory Authority (NPRA) and in accordance with Section 80 of the National Pensions Law of 2008 (Law 766).
Source: Graphic.com.gh
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