Pensioners need more than 10% adjustment – Analyst to SSNIT

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Director of the Africa Centre for retirement Research, Mashoud Abdallah,  has said pensioners need more than the 10 per cent adjustment made by the management of the Social Security and National Insurance Trust (SSNIT).

Mr Abdallah said economic conditions of pensioners are worsening with many falling sick at a high rate hence SSNIT must have a second look at its operations to benefit the pensioners fully.

“I have heard media houses reporting that SSNIT has increased pension by 10 per cent. No, that is not it. we have to look at the fix rate and the flat amount. It is best to say that SSNIT has increased monthly pension by 9.68 per cent plus a flat amount of GHS3.44.

“There have been increased hospital visitation by pensioners and that adds additional cost to the already high budget. I would have expected that the minimum pension will go up especially when you bring in the element of how the spate of prices increases in the economy.

“So if you take the inflation and the development of the inflation over the years you will realize that it is basically unacceptable for you to keep minimum pension of 300 for four years,” he told TV3 in relation to the adjustment of 2022 pension by SSNIT.

Per the new adjustments, pensioners are expected to receive 10% increment.

All pensioners would receive an increase, equal to or above the targeted inflation rate for 2022, the Trust added.

The projected expenditure on pension for 2022 is GH¢ 3.5 billion.

SSNIT said in its Indexation of Pensions 2022 report that on Tuesday January 11 that “Lowest earning pensioners will get an indexation rate of 10.83%.”

“Management of the Trust will continue to work hard to guarantee positive annual indexation for pensioners bearing in mind the long term sustainability of the Scheme,” SSNIT said.

“The Trust remains committed to paying all legitimate benefits accurately and timeously,” it added.

By Laud Nartey|3news.com|Ghana