Gov’t given July 14 ultimatum over pension funds

NPRA

Public sector workers have threatened to go on strike if government does not hand pension funds over to workers for self-management.

The leadership of Organised Labour has said that if government does not detach itself from the management of its funds under the National Pensions Act of 2008 (Act 766) within the next two weeks, they will embark on industrial action.

The Act requires workers to contribute 5.5 per cent of their earnings into a private fund as part of mandatory second-tier programme.

However, at a meeting with journalists on Monday, June 30, in Accra, Organised Labour has asked government to transfer members’ pension funds to them.

The scheme is managed by the National Pensions Regulatory Authority (NPRA) under the Temporary Pension Fund Account (TPFA).

Awotwe Nkansah, the Deputy General Secretary of the Ghana National Association of Teachers (GNAT) said: “We wish to state that if by July 14, 2014, directives have not been issued for the transfer of funds to the various public sector schemes, we shall advise ourselves.”

Executive Secretary of the Civil and Local Government Staff Association of Ghana (CLOGSAG) Isaac Bampoe-Addo said they will stick to the two-week ultimatum given government but will begin with withdrawal of some essential services.