In our today’s article guide, I shall educate you about how to calculate SSNIT Pension In Ghana for 2021 easily.
Table of Contents
What Is SSNIT Pension in Ghana?
SSNIT pays only the monthly pension of the beneficiary and the Fund Managers who manage the Second Tier with the 5% contribution rates will pay the lump sum.
You can earn a “pension right” between 37.5% and 60% depending on the number of months contributed at the time of retirement. E.g. the minimum contributions of 180 months gives a “pension right” of 37.5%. Every additional month over the 180 months attracts an additional percentage of 0.09375% or 1.125% for One (1) year respectively.
The SSNIT pension calculator is designed to provide members with an indication of the amount of pension they may receive on retirement every month. The figures generated by the SSNIT Pension Calculator are estimates and should not be relied upon as to the actual pension you may receive on retirement.
The actual pension you get at retirement could be more or less than the values portrayed to you.
The actual pension amount you’ll get is based on many factors such as the age that you plan to retire, the total number of contribution payments at retirement and the three best years’ annual salaries. The values of these factors can change over time.
How To Calculate Your SSNIT Pension
Calculating your SSNIT pension can also be done by members in other to figure out the actual amount they maybe receiving, and to do this, one need to multiply his/her best 36 months (3 years) average salary by his/her pension right.
According to the SSNIT rules, 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%.