Pensions in Ghana are on the rise!!
Ghana`s President Nana Addo Dankwa Akufo-Addo signed a decree to increase pension payments. The Social Security and National Insurance Fund (SSNIT) reports that the increased pension will amount to 850 Ghanaian cedis per month. The President noted that the increase will come into force from July 2022.
Accordingly, if a pensioner, who received a minimum pension of 300.00 cedis, will now receive 850 Ghanaian cedis per month.
Indexation of pension payments is carried out in order to maintain the purchasing power of the elderly population.
The allowance, approved by the president, is designed to improve the financial situation of the country`s citizens and the standard of living in general. “The task of the government is to do everything necessary to increase payments to those people who receive an unfairly low pension,” the president said.
In addition to raising the minimum pension, additional allowances are expected.
The surcharge is due to both the disabled and pensioners who have reached a certain age. Ghanaians aged 70 and over will be paid 250 cedis per month. For people with disabilities, payments will be made in the amount of 200 to 350 Ghanaian cedis. This is due to rising prices for the basic needs of citizens.
The CEO of SSNIT assured that SSNIT management will continue to operate effectively, investing pension funds to provide higher incomes for retirees.
