Pensioners receiving the minimum pension of GH¢300.00 as of December 31st, 2020 will have their monthly pensions increased to GH¢334.49, representing an effective increase of 11.5 percent,” according to the Public Affairs Department of the Social Security and National Insurance Trust (SSNIT).
A statement from the Public Affairs Department said the redistribution was a mechanism applied to the indexation rate to cushion Members on low pensions in line with the solidarity principle of social security.
SSNIT explained that the low pensions arise as a result of low basic salaries on which contributions were paid; “the minimum pension for all new Pensioners effective January 2021 will be GH¢300.00.
“This means, pensioners whose computed monthly pensions fall below GH¢300.00 will be placed on this minimum”.
The statement recounted that; SSNIT is a Statutory Public Trust with the mandate of administering the First Tier Basic National Social Security Pension Scheme under the National Pensions Act 2008 (Act 766).
SSNIT is charged with the responsibility of replacing part of lost income to its contributors and their dependents due to old age, invalidity, emigration, or death.
Source: Mybrytfmonline/Kofi Atakora
