SSNIT announces 12% increase in monthly pensions for 2025

The Social Security and National Insurance Trust (SSNIT) has announced a 12% increase in monthly pensions for the year 2025.
The adjustment, effective January 2025, follows consultations with the National Pensions Regulatory Authority (NPRA) and complies with Section 80 of the National Pensions Act, 2008 (Act 766).
According to SSNIT, all pensioners on the pension payroll as of December 31, 2024, will benefit from this increment.
The adjustment is structured as a Fixed Rate of 8% plus a flat amount of GH¢72.58, making up the remaining 4% that will be redistributed.

Redistribution to cushion low-earning pensioners
The redistribution mechanism is designed to provide additional support to low-earning pensioners, reflecting the solidarity principle of social security.
This approach ensures that pensioners will experience an effective increase ranging from 32.19% at the lower end of the scale to 8.04% at the higher end.
SSNIT’s statement highlighted that the minimum monthly pension of GH¢300 in 2024 will increase to GH¢396.58 in 2025, marking a significant 32.19% increase.
Meanwhile, the highest-earning pensioner under the PNDC Law 247 will see their monthly pension rise to GH¢201,792.37, representing an 8.04% increase.

Impact on average monthly pensions
The average monthly pension is expected to increase from GH¢1,776.81 in 2024 to GH¢1,990.03 in 2025 due to the indexation.
Approximately 63% of pensioners, those earning GH¢1,814.50 or less monthly, will experience an effective increase between 12% and 32.19%, ensuring their standard of living is maintained.

Implementation timeline
The 12% pension increment takes effect in January 2025, with payments made on the third Thursday of each month.
SSNIT remains committed to supporting pensioners and ensuring that the adjustments reflect the economic realities while upholding the principles of social security.
This move is expected to bring relief to thousands of pensioners across the country, bolstering their financial stability in the New Year.