Starting from January 2024 until June 2024, public sector salaries in Ghana were increased in phases, with the first phase being a 23% increment. The subsequent 2% pay increase for public sector employees will commence in July and continue through December 2024. This brings the total salary increment to 25% for the year 2024.
Minimum Wage Update
The National Tripartite Committee (NTC) raised the minimum wage from GHS 14.88 to GHS 18.3024, a 23% increase, effective January 1, 2024. This results in a minimum monthly income of GHS 183.024 for Ghanaian workers.
Calculation Example
Here’s how to calculate the 2% salary increment for July 2024 for public sector employees:
- Determine Base Pay: Identify your current base pay. For this example, let’s use GHS 4,385.433 as the base pay.
- Calculate 2% Increment:
Increment Amount=Base Pay×0.02\text{Increment Amount} = \text{Base Pay} \times 0.02 Increment Amount=4,385.433×0.02=87.70\text{Increment Amount} = 4,385.433 \times 0.02 = 87.70
- New Base Pay: Add the increment amount to the original base pay.
Click here to download the Base Pay Calculator
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New Base Pay=4,385.433+87.70=4,473.133\text{New Base Pay} = 4,385.433 + 87.70 = 4,473.133
- Calculate Retention Premium: The retention premium is typically 15% of the new base pay.
Retention Premium=New Base Pay×0.15\text{Retention Premium} = \text{New Base Pay} \times 0.15 Retention Premium=4,473.133×0.15=670.97\text{Retention Premium} = 4,473.133 \times 0.15 = 670.97
- Calculate New Gross Pay: Add the retention premium to the new base pay.
New Gross Pay=New Base Pay+Retention Premium\text{New Gross Pay} = \text{New Base Pay} + \text{Retention Premium} New Gross Pay=4,473.133+670.97=5,144.10\text{New Gross Pay} = 4,473.133 + 670.97 = 5,144.10
Conclusion
As of July 2024, with a 2% salary increment, your new gross pay would be GHS 5,144.10.
Click here to download the Base Pay Calculator
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