SSNIT announces 10% Pension increment for 2026

The Social Security and National Insurance Trust (SSNIT) has approved a 10 per cent increase in pension payments for the 2026 financial year, offering enhanced relief to pensioners, particularly those on lower incomes.

The adjustment, which was approved in consultation with the National Pensions Regulatory Authority (NPRA), comprises a 6 per cent across-the-board increase for all pensioners, with the remaining 4 per cent redistributed to favour beneficiaries at the lower end of the pension scale.

Under the new structure, pensioners currently earning the minimum monthly pension of GH¢300.00 will see their benefits rise to GH¢409.56 in 2026. This translates into a 36.52 per cent increase, far above the general indexation rate, reflecting SSNIT’s targeted support for vulnerable retirees.

Speaking at a press conference in Accra, SSNIT’s Chief Actuary, Evelyn Adjei, also announced an increase in the minimum monthly pension for new retirees from GH¢300.00 to GH¢400.00, a move aimed at strengthening the pension floor across the scheme.

She explained that several factors informed the decision on the 2026 indexation rate, including wage growth among active contributors, projected inflation of 8 ± 2 per cent by the end of 2025, and the need to safeguard the long-term sustainability of the pension fund.

While higher-income pensioners are expected to receive increases closer to the headline 10 per cent adjustment, Adjei emphasised that the redistribution mechanism ensures that lower-income pensioners gain the most from the review, supported by the flat redistribution component and the enhanced minimum pension threshold.