SSNIT increases monthly pensions by 12% for 2025

Pensions have been raised by 12% every month for 2025 by the Social Security and National Insurance Trust (SSNIT).

In accordance with Section 80 of the National Pensions Act, 2008 (Act 766), this was carried out after consulting with the National Pensions Regulatory Authority (NPRA).

According to SSNIT, the average monthly pension increase for all pensioners on its pension payroll as of December 31, 2024, would be 12%.

This will consist of a flat sum of GH¢72.58, which is the remaining 4% that needs to be redistributed, plus a fixed rate of 8%.

In accordance with the social security solidarity principle, redistribution is a method applied to the indexation rate to cushion low-earning seniors. Pensioners will thus receive an effective raise that ranges from 32.19% at the bottom to 8.04% at the top. According to a statement from SSNIT, redistribution guarantees that the minimum monthly pension of GH¢300 in 2024 would rise to GH¢396.58 in 2025, an effective increase of 32.19%.

As of December 31, 2024, the highest-earning SSNIT pensioner covered by PNDC Law 247 will get GH¢201,792.37 a month in 2025, an increase of 8.04%.

According to the announcement, the indexation will raise the average monthly pension from GH¢1,776.81 in 2024 to GH¢1,990.03 in 2025.

To assist maintain their quality of life, around 63% of retirees will receive an effective increase from 12% to 32.19% due to the 2025 indexation. Those who receive GHS1, 814.50 or less per month are covered by this.

The 12% raise will go into effect in January 2025. The third Thursday of each month is when pensioners receive their payments.