This is to help maintain the purchasing power of pensioners.

The decision was taken in consultation with the National Pensions Regulatory Authority (NPRA) pursuant to Section 80 of the National Pensions Act 2008 (Act 766).

Section 80 of the Act states that “the Trust shall annually review the pension payment which shall be indexed to wage inflation rates of active contributors or another rate determined by the Trust in consultation with the Board of the Authority.”

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According to SSNIT in a press statement dated January 11, all pensioners on its pension payroll as at December 31, 2021, “will have their monthly pension increased by a fixed rate of 9.68% plus a redistributed flat amount of GH¢3.44.”

The effective increase in pensions would therefore range from 9.683% for the highest earning pension to 10.83% for the lowest pension earner.

“Accordingly, the highest earning Pensioner as at 31st December 2021 will receive GH¢ 142,564.97 and Pensioners receiving the minimum pension of GH¢300.00 as at 31st December, 2021 will have their monthly pensions increased to GH¢332.48.

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The minimum pension for all new Pensioners effective January 2022, will be GH¢300.00,” the statement further added.

Meanwhile, SSNIT has stated that pensioners will be paid on the third Thursday of every month.