The maximum insurable earning has been increased from GHS35,000 to GHS42,000 for the year 2023, the Social Security and National Insurance Trust (SSNIT) has announced.
The upward adjustment by the Social Security and National Insurance Trust (SSNIT) in collaboration with the National Pensions Regulatory Authority (NPRA) is in accordance with the National Pensions Act 2008 (Act 766).
In a public notice on Wednesday, 11 January 2023, SSNIT indicated that, following the increase in the National Daily Minimum wage, “the minimum insurable earning for 2023 has been increased from GHS 365.33 to GHS5401.76.”
Thus, effective Sunday, 1 January 2023, “the maximum and minimum contributions payable to SSNIT will be GHS5,670.00 and GHS54.24 respectively,” the notice stated.
It called on employers and members of the SSNIT scheme “who are affected by the revised maximum and minimum insurable earnings” to take note and “ensure the right contributions are paid.”