SSNIT approves 10% pension increase for 2026, prioritises low-income pensioners

The Social Security and National Insurance Trust (SSNIT) has approved an upward adjustment in pension payments for 2026, a move aimed at easing the financial burden on pensioners while deliberately offering stronger relief to those receiving lower pensions.

The Trust, in consultation with the National Pensions Regulatory Authority (NPRA), agreed on a 10 per cent increase in pension benefits. This will be implemented through a six per cent flat increase for all pensioners, with the remaining four per cent redistributed in a way that favours pensioners at the lower end of the pension scale.

Under the new arrangement, pensioners currently on the minimum monthly pension of GH¢300 will see their benefits rise to GH¢409.56 in 2026. This reflects a 36.52 per cent increase, which is significantly higher than the overall indexation rate.

Addressing a press conference in Accra, the Chief Actuary at SSNIT, Evelyn Adjei, noted, “SSNIT has also increased the minimum monthly pension for new pensioners from GH¢300.00 to GH¢400.00, strengthening the pension floor across the scheme.”

She explained that several factors were taken into account in determining the 2026 indexation rate, including salary growth among active contributors, projected inflation of 8 ± 2 per cent by the end of 2025, and the long-term sustainability of the pension fund.

While pensioners on higher incomes are expected to receive increases closer to the 10 per cent rate, the Chief Actuary indicated that lower-income pensioners will benefit the most due to the flat redistribution amount and the strengthened minimum pension.

By: Bawa Musah

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