The Social Security and National Insurance Trust (SSNIT) has announced a 10 percent increase in pensions for 2026 to help pensioners cope with the rising cost of living, while also making sure the pension scheme remains strong.

Speaking at a press conference in Accra, the Chief Actuary of SSNIT, Evelyn Adusei, said the increase is in line with the National Pensions Act, 2008, which requires pensions to be reviewed every year.

She explained that the 10 percent increase will not be shared equally among all pensioners. Instead, SSNIT is using a system that favours low-income pensioners.

Under the new arrangement, all pensioners will receive a 6 percent increase on their pensions, plus a fixed amount of GH¢91.56 added to their monthly pay. This means pensioners who earn less will see a bigger percentage increase.

For instance, the minimum monthly pension will go up from GH¢300 in 2025 to GH¢409.56 in 2026, representing an effective increase of about 36.5 percent. Those on the highest pensions will receive an increase of just over 6 percent.

Mrs. Adusei said the new pension adjustment will cost SSNIT an extra GH¢660 million, bringing total pension payments in 2026 to almost GH¢7 billion, excluding payments to new pensioners and lump sum benefits.

She also announced that the minimum pension for new pensioners starting in 2026 will increase from GH¢300 to GH¢400.

SSNIT further indicated that about 70 percent of pensioners will receive an effective increase of 10 percent or more under the new pension structure.