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