In Ghana pension is one of the controversial issues many retirees have to battle with.

Let’s look at how to calculate your SSNIT pension.

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But first who qualifies for a full pension?

You must be at least 60 years old. You also must have made a minimum contribution of 15 years in aggregate

How to calculate your pension

1. Multiply your best 36 months (3 years) average salary by your pension right obtained so far.

2.  Example if you plan to retire in 2022 and your best salary for three years in 1550 for each month, and you have contributed to the scheme for 32 years, this is what you will do.

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3. (Your best salary for 3 years) 1550*3(years) = 55, 800

4.  The GHC 55,800 will be divided by your pension right credit which is currently 55.63%

5. This means you will be receiving an annual benefit of GHS 31,596.75 and a monthly benefit of GHS 2,633.06.

6.  In the case of death before your retirement or even after your retirement, your total contribution will be calculated with interest and paid to your family upon submission of your medical or death certificate, police report, and an affidavit from the chief of town to the scheme.

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Note that SSNIT also pays a percentage of your contributions to NHIA (Managers of NHIS) every month to fund your Health Insurance  so you don’t pay for it when you want to renew it.

Pension Right Credit is an income-related benefit to give you some extra money in retirement.