SSNIT increases maximum insurable earning to ¢42,000

The Social Security and National Insurance Trust (SSNIT) has announced an increment in the maximum insurable earnings for 2023 from ¢35,000 to ¢42,000.

The increment, according to SSNIT, comes on the back of careful consultation with the National Pensions Regulatory Authority in accordance with Section 63 (3) of the National Pensions Act 2008 (Act 766).

In a public notice, the Trust said the increase took effect from January 1, 2023.

“Accordingly, the minimum insurable earning has also been increased from ¢365.33 to ¢401.76, following the rise in the National Daily Minimum Wage,” the notice added.

Meanwhile, employers and members of the insurance scheme have been advised to comply with the new changes and ensure the right contributions as the maximum and minimum contributions payable to SSNIT will be ¢5,670 and ¢54.24 respectively.

SOURCE: Adomonline