Pensioners in Ghana will receive a 10% increment in monthly remuneration starting January 20, 2022, according to the Social Security and National Insurance Trust (SSNIT).

The announcement came after consultations with the National Pensions Regulatory Authority (NPRA) on Tuesday, January 11, 2022.

A press release by SSNIT said, “all pensioners will have their monthly pension increased by a fixed rate of 9.68% plus a redistributed flat amount of ¢3.44.”

The increase will affect pensioners' payments from December 31, 2021. People receiving a minimum wage of ¢ 300 will be increased to ¢332.48.

However, the highest-earning pensioner will receive a payment of ¢142,564.97 every month.

SSNIT to extend retirement age to 65

Meanwhile, SSNIT is currently in talks with government and labour unions over an increase of retirement age, from 60 to 65 years.

According to the Director-General of SSNIT, Dr John Ofori-Tenkorang, the increase of retirement age is the practice in the USA and will help lessen the burden on the Trust and increase contributions.

“After 75 years, we'll continue to pay you until the good Lord calls you home. So in theory, SSNIT can be paying till you are 101 years. The liability that SSNIT takes on can increase enormously as long as people are living longer,” Dr Ofori-Tenkorang said.

Dr Ofori-Tenkorang opined that technological advancement in the medical field that can increase the lifespan of people which means people will live longer to pay contributions to the Trust.

He added that “the question of increasing the retirement age is something that we have to look at. And this is something that you do in the tripartite way where government, employers and labour sit down and discuss”.