According to Joseph Poku, Chief Actuary of the Social Security and National Insurance Scheme (SSNIT), the highest pensioner in Ghana would begin receiving GH169,725.89 this year.
He claims that this is a 19.05% increase over the top pensioner’s prior payment of GH142,564.97 in 2022.
On Friday, January 13, 2023, Mr. Poku stated the lowest pensioner will receive GH430.58, a rise of 43.53%, at a press conference in Accra.
“The indexation rate for 2023 is 25% and this represents a 150% increase over the previous year’s indexation rate which was 10%…Having determined this rate, we don’t want to apply this rate across 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 the redistribution,” Mr Poku announced.
“So the lowest pensioner who as at last year was receiving GH¢300 is now going to receive GH¢430 and some pesewas and this represents 43.53% increase over the previous years…again, the highest earning pensioner who was having GH¢142,564.97 is now going to receive pension beginning January 2023 of GH¢169,725.89 very month,” he added.
The redistribution method adopted by SSNIT is a mechanism applied to the indexation rate to cushion members on low pensions in conformity with the solidarity principle of social security.
He noted that a total of GH¢5 billion will be distributed by the pension scheme this year to beneficiaries.