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Jan 2, 2014

SSNIT increases minimum monthly pension by 100%


The Social Security and National Insurance Trust (SSNIT) has increased the minimum monthly pension by 100%.

In a statement signed by Evangeline Amegashie, Corporate Affairs Manager of SSNIT, and issued to GNA disclosed that, the increase is from GH¢ 100.00 to GH¢ 200.00.

The statement said no SSNIT pensioner, both old and new will receive a monthly pension amount less than GH¢ 200.00. “The new minimum pension is by far higher than national monthly minimum wage of GH¢ 141.48”, it added.

According to the statement, all pensions shall be increased by 10% in addition to a flat amount of GH¢ 9.62 which shall be an overall indexation rate of 20%.

The statement further explained that, the Trust continuously re-evaluates its investment strategy because the Social Security Pension Indexation thrives on prudent investment and uninterrupted receipt of workers’ contributions.

The statement said, in their quest to ensure sustainability of the Fund, the Board of Trustees and Management of the Trust are embarking on aggressive investment reorganization, in order to enable the Trust exit from non-performing investments and also now, use portion of its investment to benefit contributors.

“We shall continue to count on the support of all stakeholders of the Trust to manage the fund in the supreme interest of all contributors”, the statement added.

The statement said the Trust promises to manage the Fund in order to uphold its adequacy, equity and sustainability to assure contributors of their future security, as well as adopting all legal methods to collect all contributions and arrears.

The statement added that, benefit payment has been extended to 75 years as compared to the shorter benefit period, 20 to 15 years.

GNA