The Social Security and National Insurance Trust (SSNIT) has made a significant payment of GH¢447.07 million to over 250,000 pensioners for the month of August 2024. This payment was made on August 15, 2024, and shows SSNIT’s commitment to supporting retirees in Ghana.
The payments were made under two laws: PNDC Law 247 and the National Pensions Act, 2008 (Act 766). These laws help determine how much each pensioner receives. Under PNDC Law 247, the highest pension payment was GH¢186,777.58, while under Act 766, the highest payment was GH¢26,509.66.
For existing pensioners, the lowest monthly pension was GH¢409.10. New pensioners received a minimum monthly payment of GH¢300.00, ensuring everyone gets a basic level of support.
SSNIT has announced the next pension payment is scheduled for September 19, 2024. These regular payments are important for pensioners, many of whom depend on them as their main source of income.
SSNIT’s ability to make these large payments shows that the system is well-managed and reliable. The money paid out helps retirees live comfortably after years of contributing to the scheme.
The GH¢447.07 million disbursed represents the livelihoods of thousands of Ghanaians who worked hard to support the country’s growth. SSNIT plays a crucial role in helping workers plan for retirement and ensuring they are financially secure in their later years.
Regular contributions to the social security scheme are important for workers, as these ensure a steady income after retirement. By managing pension funds efficiently, SSNIT helps maintain economic stability in the country. Pensioners, with their regular payments, continue to contribute to the local economy and support businesses.
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