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General News

SSNIT message to all contributors and pensioners concerning 2023 25% indexation rate

SSNIT 25% Indexation Rate

January each year is a very important year for all pensioners since it is the period where Social Security Administration announces the new rate by which monthly pensions of existing retirees will be increased.

The import of indexation is to restore the purchasing power lost by pensioners in the previous year. Pensions in payment are therefore reviewed by applying an inflation-adjusted index.

Kindly note that all Pensioners on the SSNIT
Pension Payroll as at 31st December, 2022
will have their monthly pension increased by a Fixed Rate of 19% plus a redistributed Flat
Amount of GH¢73.58.

The effective increase in pensions would
therefore range from 19.05% for the highest-
earning pensioner to 43.53% for the lowest-
earning pensioner.

This means that the minimum pension for all
Pensioners who were receiving the minimum
pension of GH¢300.00 as at 31st December,
2022 will have their monthly pensions
increased to GH¢430.58.

However, the minimum pension for all new
Pensioners effective January 2023 will be
GHC430.58. This means, pensioners whose
computed monthly pensions fall below
GH¢430.58 will be placed on this minimum.

Also, the highest-earning Pensioner as at 31st December 2022 will receive GH¢ 169,725.89 per month in 2023.

Source: Honestynewsgh.com