Most of workers in Ghana who contributes every month to SSNIT don't know how calculations are done before on going on retirement. In this master piece we will discuss what goes into the calculations of SSNIT benefits before you are due for compulsory or voluntary retirement. To qualify for a full pension under national pension act 766
(a) You must be at least 60 years and
(b) You must have made a minimum contribution of 180 months or 15 years in aggregate.
Basis for Calculation of Full Pension
==> Age
==> Average of BEST 36 months or 3 years salary
==> Earned Pension Right- Rating for the number of months you have contributed to the scheme.
You can earn a "pension right" between 37.5% and 60% depending on the number of months contributed at the time of retirement.
Every additional month over the 180 months attracts an additional percentage of 0.09375 % or 1.125% for one (1) year respectively
How to Calculate for your Pension
Multiply your best 36 months (3 years) average salary by your ''pension right''
Earned Pension Right Under the National Pension
The pension right is 2.5% for each year of contribution for the first 15 years and 1.125% for every additional year up to a maximum of 60.0%
REDUCED PENSION
To qualify for a Reduced Pension
(a) You must be 55 years and above but below 60 years of age; and
(b) You must have made a minimum contribution of 180 months or 15 years in aggregate
Early Retirement-Reduced Pension
For early retirement reduction factor from 55 years and below 60 years, the pension is computed as follows
NOTE: Beneficiaries of National Pension ACT 766 are those who were born on 1960 and ABOVE
(a) You must be at least 60 years and
(b) You must have made a minimum contribution of 180 months or 15 years in aggregate.
Basis for Calculation of Full Pension
==> Age
==> Average of BEST 36 months or 3 years salary
==> Earned Pension Right- Rating for the number of months you have contributed to the scheme.
You can earn a "pension right" between 37.5% and 60% depending on the number of months contributed at the time of retirement.
Every additional month over the 180 months attracts an additional percentage of 0.09375 % or 1.125% for one (1) year respectively
How to Calculate for your Pension
Multiply your best 36 months (3 years) average salary by your ''pension right''
Earned Pension Right Under the National Pension
The pension right is 2.5% for each year of contribution for the first 15 years and 1.125% for every additional year up to a maximum of 60.0%
|
YEARS OF CONTRIBUTION
|
15
|
16
|
17
|
18
|
19
|
20
|
20
|
21
|
|
|
37.50%
|
38.63%
|
39.75%
|
40.88%
|
42.00%
|
43.13%
|
44.25%
|
44.25
|
|
YEARS OF CONTRIBUTION
|
22
|
23
|
24
|
25
|
26
|
27
|
28
|
29
|
|
|
45.38%
|
46.50%
|
47.63%
|
48.75%
|
49.88%
|
51.00%
|
52.13%
|
53.25%
|
|
YEARS OF CONTRIBUTION
|
30
|
31
|
32
|
33
|
34
|
35
|
36 & ABOVE
|
|
|
|
54.38%
|
55.50%
|
56.63%
|
57.75%
|
58.88%
|
60.00%
|
60.00%
|
|
REDUCED PENSION
To qualify for a Reduced Pension
(a) You must be 55 years and above but below 60 years of age; and
(b) You must have made a minimum contribution of 180 months or 15 years in aggregate
Early Retirement-Reduced Pension
For early retirement reduction factor from 55 years and below 60 years, the pension is computed as follows
|
AGE(Years)
|
55
|
56
|
57
|
58
|
59
|
|
|
|
|
|
|
|
|
% Full Pension
|
60%
|
67%
|
75%
|
82.50%
|
90%
|
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