Beginning in January 2024 and lasting until June 2024, the public sector salary increment was implemented in phases. The first phase was 23 percent. The subsequent 2 percent pay increase for public sector employees will begin in July and will last through December 2024.
Until a new incremental jump takes effect in January 2025, salary employees will noticeably profit from this 25% increase.
Additionally, the minimum wage was raised by the National Tripartite Committee (NTC) from GHS 14.88 to GHS 18.3024, a 23% increase. This implies that all Ghanaian workers will be entitled to a minimum monthly income of GHS 183.024 as of January 1, 2024.
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For those who get monthly benefits, this comes out to a minimum of GHS 512.46 spread over 28 months. Employers are required to pay a minimum amount in order to provide workers with appropriate compensation.
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Assuming a month of twenty working days, the minimum daily wage should be GHS 377.6. These new laws are mandatory for employers in Ghana in order to uphold living wages and safeguard workers’ rights.
The necessity of precisely calculating the second tranche of the salary; especially for GES employees. The 2% salary increment for July ending is calculated below:
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For example, if your base pay (monthly income for single spine) is $4385.433 and you are paid the 2%, the new base pay you will receive is $4385.433 + 2%, or $4385.433 + 87.70 equals $4,473.133.
Base pay plus retention premium equals gross pay. However, the retention premium will amount to $4,473.133, or 15% of the new base wage. $670.97 is the retention premium ($4,473.133×15%).
Thus, $4,447.133 + 670.97 = $5,118.10 is the new gross pay, which is equal to the new base pay + new retention premium. Consequently, as of July 2024, your new gross pay will be $5,118.10.
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