The highest paid pensioner in Ghana will start receiving GH₵169,725.89 per month beginning this year, according to the Chief Actuary of the Social Security and National Insurance Scheme (SSNIT), Joseph Poku.
This sum, according to Mr Poku, is expected to go up next year. This represents a 19.05% increase from the previous GH₵142,564.97 received by the highest paid pensioner in 2022.
Speaking at a press conference in Accra on Friday, January 13, 2023, Mr Poku said the lowest paid pensioner, on the other hand, will receive GH₵430.58, an increase of 43.53%.
He said a redistribution mechanism had to be implemented to cushion low-pension earners.
“The indexation rate for 2023 is 25%, which represents a 150% increase over the previous year’s
indexation rate, which was 10%… Having determined this rate, we don’t want to apply it across the board because some people are earning far higher than the others, so we need to take into account those who are low pension earners, and this is what enabled us to introduce the mechanism called redistribution,” Mr. Poku
announced.
In light of this, the lowest-earning pensioner, who received GH₵300 last year, will now receive GH₵430 and some pesewas, and the highest-earning pensioner will now receive GH₵169,725.89 per month starting in January 2023, according to Mr. Poku.
As part of the solidarity principle of social security, SSNIT applies the redistribution method to its indexation rate in order to cushion members with low pensions.
According to Mr Poku, the pension scheme will pay beneficiaries GH₵5 billion this year.