The Social Security National Insurance Trust (SSNIT) has justified its 18% increment of pension benefits.
This is despite complaints of pensioners who had hoped for a higher percentage increase of their pensions.
The increment is however 2% lower than the 20% increase announced in 2016.
The Corporate Affairs Manager of SSNIT, Eva Amegashie who explained the formula to Citi Business News said the increase was arrived at by using the average salary of 2016 plus other economic indicators.
“We use the previous year’s (2016) average salary and other economic indicators to fix the amount so if in using average salary and other economic indicators and they were not monumental then obviously you don’t expect a monumental increase,” she said.
SSNIT also believes the 18% increase is realistic as this will help sustain the fund into the future and enable the scheme to increase and pay the pensions of pensioners every year.
Eva Amegashie further explained that the margin of increase is at a level that will enable SSNIT to continue paying pensioners effectively every year.
“We have to make sure that we sustain the fund into the future and make sure that we can increase and pay pensions.” The current minimum pension for pensioners on the SSNIT pension scheme is GHc276.00. But per the new review, it has been increased to GHc334.81.