The Chief Actuary of the Social Security and National Insurance Trust (SSNIT), Joseph Opoku, has remarked that pensioners are happy about the new monthly increment.

Mr. Opoku stressed that the retirees as well as soon-to-be pensioners were surprised by the new increment as they were expecting something less.

According to him, SSNIT management deviated from the law of paying a monthly salary of 10% after taking the economic conditions of the country into consideration.

SSNIT on January 13, 2023, increased pension payments by an average of 25%.

He emphasised that inflation and other factors contributed to the increment.

Mr. Opoku stated that the increment intends to cushion pensioners, adding that it’s a way of maintaining the purchasing power of pensioners.

Asked about the feedback from the retirees on the increment by sit-in host of The Point of View, Selorm Adonoo, SSNIT Chief Actuary explained, “Oh they are excited because we have been paying 10% based on the inflation and all that, this time we deviated from the law”.

He added: “We all know the economic situation we find ourselves in as a country. That also hit us because contributions are stagnant, in terms of the salaries, I talked about 12.09% salary, it doesn’t match anywhere near the inflation we are talking about. So they were expecting even less, because of what was happening around [economic crisis]. And they saw a 150% increment, which is exciting news for them”.

Touching on the redistribution of the monthly salaries, he explained “what you put in determines what you will get. You will be surprised to know that the pensioner who will receive the GH¢430.58 if we are going strictly by the law, some are not even supposed to get this amount. The law states it clearly that, the number of months of contributions determines the percentage”.

The SSNIT Chief Actuary advised employees to report to SSNIT if their employers refuse to pay their contributions.

“You can report if your employer is playing a fast one on SSNIT against your interest. You have every right to report to us,” he entreated.

In view of the upwards adjustment, legitimate pensioners on SSNIT payroll as of December 2022 ending will have their monthly salary increased by a fixed rate of 19%, including a redistribution amount of GH¢73.58.

However, minimum-paid pensioners will receive GH¢430.58, whereas the highest-paid pensioners will receive GH¢169,725.89.