{"id":1842,"date":"2019-01-09T11:48:15","date_gmt":"2019-01-09T11:48:15","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=1842"},"modified":"2019-01-09T11:48:22","modified_gmt":"2019-01-09T11:48:22","slug":"pensions-increased-by-11-percent-ssnit","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/09\/pensions-increased-by-11-percent-ssnit\/","title":{"rendered":"Pensions increased by 11 percent &#8211; SSNIT"},"content":{"rendered":"\n<p>The Social Security and\nNational Insurance Trust (SSNIT) has announced an increase of 11 percent in the\npensions for 2019.<\/p>\n\n\n\n<p>The increase, announced at a News conference\non the 2019 Pensions indexation, will take effect from the first payment of\npensions on January 14, 2019.<\/p>\n\n\n\n<p>The 2019 indexation, pegged at 11 percent,\nwill be comprised of a nine percent fixed rate, while the remaining two percent\nwill be redistributed as a flat amount of GH\u00a215.89 for all pensioners.<\/p>\n\n\n\n<p>The redistribution of the two percent,\naccording to Mr Steven Yeboah, Chief Actuary at SSNIT, was to cushion low\nincome earners in line with the solidarity principle of social security.<\/p>\n\n\n\n<p>\u201cThe effect is that 80 percent of our\npensioners are going to get over the 11 percent and our lowest pensioners will\nget as much as 14.76 percent, as overall increment in their pensions,\u201d he said,\nadding that the new minimum monthly pension for 2019 will be GH\u00a2300.00, compared\nto the minimum wage of GH\u00a2287.55.<\/p>\n\n\n\n<p>Mr Yeboah, who made a presentation on the\nindexation, said the process of indexation was in line with the National\nPensions Act 2008 (Act 766, Section 80) which mandated it to annually review\npensions.<\/p>\n\n\n\n<p>He said the indexation, a technique to adjust\npension payments in order to maintain pensioners\u2019 purchasing power, was done\ntaking into account of wage inflation or price Inflation.<\/p>\n\n\n\n<p>The process looked at factors like average\nsalary growth of active contributors, which was 12.66 percent in 2018, average\nchange in consumer price index; 9.5 percent in 2018, as well as the liquidity\nand sustainability of the fund.<\/p>\n\n\n\n<p>Dr. John Ofori-Tenkorang, Director General of\nSSNIT, said the Trust would fund the cost of the increment of GH\u00a2212 million\nwith its income from contributions and its returns from investments.<\/p>\n\n\n\n<p>He noted that the indexation process was done\nannually in consultation with the Board of the Trust and the National Pensions\nRegulatory Authority (NPRA).<\/p>\n\n\n\n<p>This was, however, the first time that the\nmedia had been invited for a briefing on the process, as it was usually\npublished in the papers.<\/p>\n\n\n\n<p>He said it was important for the Trust to\nensure that its stakeholders, including the media understood what it did and\nhow Pensions increments were determined.<\/p>\n\n\n\n<p><a href=\"http:\/\/www.ghananewsagency.org\/economics\/pensions-increased-by-11-percent-ssnit-143809\">GNA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>The Social Security and National Insurance Trust (SSNIT) has announced an increase of 11 percent in the pensions for 2019. The increase, announced at a <a class=\"mh-excerpt-more\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/09\/pensions-increased-by-11-percent-ssnit\/\" title=\"Pensions increased by 11 percent &#8211; SSNIT\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[391,390],"class_list":["post-1842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-pensions","tag-ssnit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pensions increased by 11 percent - SSNIT - Apt News Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/09\/pensions-increased-by-11-percent-ssnit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pensions increased by 11 percent - SSNIT - Apt News Ghana\" \/>\n<meta property=\"og:description\" content=\"The Social Security and National Insurance Trust (SSNIT) has announced an increase of 11 percent in the pensions for 2019. 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