Pensioners to Receive Up to 32.19% Increase as SSNIT Raises Pensions by 12% for 2025

In a move to support its pensioners, the Social Security and National Insurance Trust (SSNIT) has announced a 12% increase in monthly pensions for 2025.

This adjustment, effective from January 2025, follows consultation with the National Pensions Regulatory Authority (NPRA) and aligns with Section 80 of the National Pensions Act, 2008 (Act 766).

For pensioners on the SSNIT payroll as of December 31, 2024, the monthly pension will rise by an average of 12%.

The increase consists of a Fixed Rate of 8%, plus a flat amount of GH¢72.58, representing the balance of the 4% increase that will be redistributed.

This redistribution is a key mechanism aimed at ensuring fairness, particularly for lower-earning pensioners, in line with the solidarity principle of social security.

As a result, pensioners at the lower end will see a significant boost. For example, the minimum monthly pension, which stood at GH¢300 in 2024, will rise to GH¢396.58 in 2025.

This marks an effective increase of 32.19%. On the higher end, the highest-earning pensioner under the PNDC Law 247 will receive GH¢201,792.37 per month, reflecting a modest increase of 8.04%.

The overall impact of this increase will be felt by approximately 63% of pensioners who will see an effective pension increase ranging from 12% to 32.19%.

This adjustment is designed to help pensioners maintain their standard of living and keep up with inflation and rising costs of living.

For those receiving up to GH¢1,814.50 monthly, the increase will be more substantial, improving their financial situation.

The average monthly pension is also set to rise, from GH¢1,776.81 in 2024 to GH¢1,990.03 in 2025.

The increase ensures that pensioners’ incomes are better aligned with the current economic climate, offering a more secure financial future.

The 12% pension increase is set to take effect starting January 2025. SSNIT pensioners will receive the new amounts on the third Thursday of each month, ensuring timely payment and financial stability for retirees.