SSNIT Raises Pensions by 10% in 2026
The Social Security and National Insurance Trust (SSNIT) have announced a 10 percent increase in monthly pensions for retirees across Ghana, effective January 1, 2026. The adjustment aims to sustain pensioners’ incomes amid rising living costs and to protect the real value of benefits as the economy evolves.
The decision was made in consultation with the National Pensions Regulatory Authority (NPRA) and in accordance with Section 80 of the National Pensions Act, 2008 (Act 766). SSNIT says the indexation reflects both economic conditions and the long-term sustainability of Ghana’s pension scheme.
What the Increase Means for Pensioners
Under the new adjustment, all pensioners on SSNIT’s payroll as of December 31, 2025, will benefit from the 10 per cent indexation. Rather than applying a flat increase across the board, the Trust uses a redistribution mechanism to give more meaningful relief to lower-income retirees.
SSNIT says about 70 per cent of pensioners will receive the full 10 percent increment or even more after redistribution. For example:
- Pensioners on the minimum of GH¢300 in 2025 will now receive GH¢409.56 per month, an effective rise of 36.52 per cent.
- Those earning around GH¢500 previously can expect about GH¢621.56, nearly a 24.31 per cent effective increase.
- Mid-range pensioners on GH¢2,018 will see payments rise to GH¢2,220, a 10 per cent bump.
- High-income pensioners also benefit, with the top SSNIT pensioner’s monthly pay rising from GH¢201,792.37 to GH¢213,991.47 — about 6.05 per cent.
Why SSNIT Adjusted Pensions
SSNIT officials say the increase is part of their statutory duty to maintain the real value of pensions, considering inflation and salary growth among active contributors. With inflation at about 5.4 percent in December 2025, the 10 percent indexation more than covers rising prices for most retirees.
Kwesi Afreh Biney, Director-General of SSNIT, stressed the adjustments were made to protect the dignity and purchasing power of pensioners, especially those on lower incomes, while also ensuring the long-term sustainability of the pension fund.
Chief Actuary Evelyn Adjei explained that SSNIT considered projected inflation trends, salary growth figures, and the overall impact on fund sustainability before setting the 10 per cent rate.
Redistribution for Equity
The indexation framework combines a fixed 6 percent increase with a redistributed flat amount drawn from the remaining 4 percent of the overall adjustment. This structure is intended to narrow gaps between low- and high-income retirees.
This solidarity-based approach mirrors social security principles where redistribution helps cushion lower earners, making pension benefits more meaningful for those who need them most.
Mixed Response from Pensioners
Not all reactions have been positive. The Concerned SSNIT Pensioners Forum (CSPF) has criticized the 10 percent increase as insufficient to address the deep erosion of pension value due to years of inflation and rising living costs.
The Forum has called for a national minimum pension policy and suggested a larger raise potentially an average 15–20 per cent increase to ensure retirees can afford basic needs such as food, medicine, and healthcare.
The group also wants clarity on how minimum pension figures are calculated, arguing that annual percentage increases alone do not guarantee a living wage for retirees.
Outlook and Sustainability
SSNIT officials say the 2026 indexation aligns with global social security practices and Ghana’s legal framework. The adjustment reflects an effort to balance economic protection for retirees with the need to keep the pension fund financially sound for future generations.
In addition to pension increases, SSNIT plans to strengthen its investment portfolio across diverse sectors, including energy and hospitality, to boost long-term returns and support payments for benefits into the future.
