SSNIT increased monthly pension by 9.68% not 10% - Africa Centre for Retirement Research

Snnit22 Social Security and National Insurance Trust

Thu, 13 Jan 2022 Source: www.ghanaweb.com

SSNIT recently announced a 10% increase in pensions

10% increase in pensions to alleviate hardships on pensioners - Mashoud Abdallah

Increase in pension 9.68%, not 10% - Mashoud Abdallah

Director of Africa Centre for Retirement Research, Mashoud Abdallah, has said SNNIT should have increased the pension payment of retirees by more than 10 percent.

Mashoud Abdallah who was reported to have said this by 3news, indicated that per his calculation, the increment amounts to 9.68% instead of the 10% announced by SSNIT.

In an interview with 3news, he said, “I have heard media houses reporting that SSNIT has increased pension by 10 per cent. No, that is not it. we have to look at the fixed rate and the flat amount. It is best to say that SSNIT has increased monthly pension by 9.68 percent plus a flat amount of GHC3.44.”

The Director of Africa Centre for Retirement Research further stated that the 10% increase could not alleviate the current worsening economic conditions of pensioners.

According to him, most pensioners were getting sicker and require more hospital visits.

This, he said, has increased said their hospital expenditure.

“There have been increased hospital visitation by pensioners and that adds additional cost to the already high budget. I would have expected that the minimum pension will go up especially when you bring in the element of how the spate of prices increases in the economy," Mr Abdallah stated.

“So if you take the inflation and the development of the inflation over the years you will realize that it is basically unacceptable for you to keep minimum pension of 300 for four years,” he told TV3 in relation to the adjustment of 2022 pension by SSNIT,” he added.

Source: www.ghanaweb.com