SSNIT to pay GH¢7bn in pensions this year — Supports pensioners' medical fund with GH¢1m
The Social Security and National Insurance Trust (SSNIT) will pay about GH¢7 billion in pensions to more than 244,000 pensioners on its payroll across the country this year.
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The amount is more than the GH¢5.4 billion the Trust paid last year.
The Director-General of SSNIT, Dr John Ofori-Tenkorang, announced this when he presented an amount of GH¢1 million to the special medical fund of the National Pensioners Association (NPA) dubbed, Pensioners Medical Scheme.
Specifically aimed at supporting the health care of pensioners enrolled on the NPA’s Pensioners Medical Scheme (PMS), it is in fulfilment of a commitment by SSNIT's management made in 2017 to prioritise the well-being of pensioners under the SSNIT Scheme in the country.
The Trust had previously demonstrated its commitment to supporting the NPA. In 2018 and 2019, SSNIT presented amounts of GH¢300,000 and GH¢500,000 respectively to support the Pensioners Medical Scheme.
Also in 2021, the NPA received a brand new Toyota Hilux double-cabin pickup vehicle from SSNIT to address transportation challenges faced by its members.
The SSNIT Director-General said: “We have been supporting our pensioners because we want them to live long and live healthily. “We appreciate the medical fund they have set which is to provide funding support for some of their members who badly need it. “We have been donating and we will continue to support pensioners welfare”, he added.
He also noted that the commitment demonstrated the Trust’s dedication to fulfilling its social responsibility towards all retirees under the SSNIT Scheme who had contributed to the nation's workforce during their active years.
He explained that the value SSNIT placed on pensioners had guided and helped the Trust to strengthen the relationship that exists between SSNIT and the NPA over the past years.
"This latest donation to the association will certainly not be the end. We will periodically extend help to you whenever possible as part of our social responsibility to make life a little more comfortable for you, our cherished pensioners."
The General Secretary of the NPA, Stephen Boakye, expressed appreciation to the management of SSNIT for its continuous support to the PMS.
He acknowledged the cordial relationship between the NPA and SSNIT, particularly under the current management and gave an assurance that the funds would be used for its intended purpose.
Indexation
As a commitment to the contributors to the Tier 1 pension scheme on retirement, SSNIT in consultation with the National Pensions Regulatory Authority (NPRA), indexed monthly pensions upwards by 15 per cent for the year 2024.
By this, the monthly payment for pensioners has been increased by 15 per cent, in line with Section 80 of the National Pensions Act, 2008, (Act 766).
As a result, all pensioners on the pension payroll will have their monthly pension increased by a fixed rate of 10 per cent in addition to a redistributed flat amount of ¢79.10.
Invariably, the effective increase in pensions would therefore range from 10.05 per cent for the highest-earning pensioner to 36.37 per cent for the lowest-earning pensioner.