SSNIT announces 12% increase in pensions for 2025
Story: Benedicta Godknows KWASHIE
THE Social Security and National Insurance Trust (SSNIT) has announced a 12% increase in pensions for 2025, ensuring that pensioners under the scheme maintain their purchasing power amid rising costs of living.
The increment is part of SSNIT’s annual indexation process, which is mandated by law to review pension payments in line with economic trends.
In a statement issued by the Trust, SSNIT, said this year’s indexation rate was determined after careful consideration of factors, including the average salary of active contributors in 2024, the annual average Consumer Price Index (CPI) for the previous year, and the scheme’s affordability and sustainability.
The rate, approved in consultation with the National Pensions Regulatory Authority (NPRA), reflects SSNIT’s commitment to balancing pensioners’ needs with the long-term viability of the pension fund.
“The Trust shall annually review the pension payment which shall be indexed to wage inflation rates of active contributors or another rate determined by the Trust in consultation with the Board of the Authority,” SSNIT noted in its statement.
With the 12% adjustment, pensioners can expect higher monthly payments starting January 2025. SSNIT assured members of its dedication to fulfilling its mandate of providing reliable and sustainable financial security for retirees.
The announcement has been met with optimism by many pensioners, who see the increment as timely relief amid economic challenges. SSNIT also highlighted that the indexation process is not arbitrary but a well-regulated exercise aimed at achieving fairness and sustainability.
The Trust reassured contributors that the increment will not compromise the scheme’s long-term stability.
In addition to the increment, SSNIT urged pensioners to take advantage of its digital platforms to monitor their contributions and payments. The Trust has recently upgraded its systems to enhance transparency and accessibility for members.
Economic analysts have lauded the move, describing it as a step in the right direction for maintaining the real value of pensions.
However, some have cautioned that maintaining sustainability will require continuous efforts to expand the contributor base and improve compliance among employers. SSNIT reaffirmed its commitment to prudent financial management and collaboration with stakeholders to ensure that retirees continue to enjoy the benefits of their contributions while preserving the scheme for future generations.
