Highest earning pensioner in Ghana to earn GH¢186,777.58 monthly in 2024

The Social Security and National Insurance Trust (SSNIT), has revealed that the highest-earning pensioner in Ghana as of the end of December 31, 2023, will earn GH¢186,777.58 monthly in 2024.

The Trust said all pensioners on the SSNIT Pension Payroll as of December 31, 2023, will have their monthly pension increased by a Fixed Rate of 10% plus a redistributed flat amount of GH¢79.10.

“Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security. The SSNIT Scheme, like any other defined benefit scheme, pays pensions which mirror the earned salaries on which contributions were paid,” the Trust said.

In addition, the effective increase in pensions would range from 10.05% for the highest-earning pensioner to 36.37% for the lowest-earning pensioner.

“Accordingly, the highest-earning pensioner as of December 31, 2023, will receive GH¢186,777.58 per month in 2024. The lowest-earning pensioner as of December 31, 2023, will have the monthly pension increased from GH¢300 to ¢409.10 in 2024,” a statement from SSNIT said.

The statement said the average monthly pension will increase from GH¢1,527.29 in 2023 to GH¢1,756.38 in 2024.

“The 15% indexation rate will result in an additional pension expenditure of GH¢697.64 million. The total expenditure in 2024 for pensioners on the Pension Payroll as of 31st December 2023 will be GH¢5,387.72 million.

“The GH¢5,387.72 million excludes pension cost for new awards i.e. the benefits to be paid to retirees who are added to the pension payroll in 2024. The total benefit expenditure is projected to increase from ¢5,445.91 million in 2023 to GH¢7,023.43 million in 2024. Pensioners are paid on the third Thursday of every month,” the statement concluded.

SSD/MA

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