The Social Security and National Insurance Trust – SSNIT announces 2022 Pension Indexation Rate. All Pensioners will have their monthly pension increased by a Fixed Rate of 9.68% plus a redistributed Flat Amount of GH¢ 3.44.
The Social Security and National Insurance Trust (SSNIT) in consultation with the National Pensions Regulatory Authority (NPA) and in and with Section 80 of the National Pensions Act 2008 (At 766), has indexed monthly pensions upwards by 10% for the year 2022.
SSNIT Pension Indexation Rate
This increment shall be implemented as follows:
All Pensioners the Pension Payroll as of 31st December 2021 will have their monthly pension increased by a Fixed Rate of 9.68% plus a redistributed Flat Amount of GH¢ 3.44.
Redistribution is the mechanism applied to the indexation rate to cushion members on low pensions in conformity with the solidarity principle of social security. Low pensions arise as a result of low basic salaries (that were declared to SSNIT) on which contributions were paid.
The effective increase in pensions would therefore range from 9.683% for the highest pension earner to 10.83% for the lowest pension earner.
Accordingly, the highest-earning Pensioners as of the 31st December 2021 will receive GH¢ 142,564,97 and Pensioners receiving the minimum pension of GH¢ 300.00 as of 31st December 2021 will have their monthly pensions increased to GH¢ 332.48.
The minimum pension for all new Pensioners effective January 2022 will be GH¢ 300.00. this means pensioners whose computed monthly pensions fall below GH¢ 300.00 will be placed on this minimum.
- Pensioners will be paid on the third Thursday of every month.
The management of SSNIT wishes its cherished Pensioners a fulfilling New Year.
