All pensioners on the SSNIT Pension Payroll as of 31st December 2023 have had their monthly pensions increased.

Monthly pensions have been increased by 15 per cent and this took effect on 1st January 2024.

This translates to 10.05 per cent effective increase for the highest-earning pensioners, and 36.37 per cent effective increase for the lowest-earning pensioners. 

Delivering the State of the Nation Address in Parliament on Tuesday, 27 February 2024, President Nana Addo Dankwa Akufo-Addo stated that: “The 15 per cent indexation rate will result in an additional expenditure of GHS697.64 million. 

“The total benefit expenditure for Government, under the SSNIT Scheme alone, is projected to increase from GHS5.446 billion in 2023 to GHS7.034 billion in 2024.”

He highlighted the launch of the Self-Employed Enrolment Drive (SEED), by SSNIT, in May last year, an initiative which seeks to improve coverage and increase the contributor base of the SSNIT Scheme, especially in the informal sector. 

President Akufo-Addo noted that “since the launch of the SEED initiative, some 600,000 self-employed persons have been enrolled onto the programme, and now have some form of social security cover”.