Ruling on labour-gov’t suit set for Dec. 16

An Accra Industrial Court has set Tuesday, December 16 as date on which it will give ruling on a suit brought before it by government over the management of second-tier pension funds of public sector workers.

The date of ruling was announced on Monday, November 24.

Government apart from seeking clarification on who the rightful custodian of the funds is under the National Pensions Act of 2008, Act 766, it is also praying the court to restrain the workers from embarking on strike.

The workers of 12 labour unions - who have formed the Forum of Public Sector Registered Pension Schemes - joined the application, contending they are under the Act supposed to manage the funds at union level.

They embarked upon a two-week strike to register their displeasure.

A simultaneous demonstration in Accra and Kumasi was also held last Thursday to importune government to remit the funds to the various unions.

Government has, however, made it clear the funds are with the Central Bank under the custody of Governor Dr Henry Kofi Wampah.

The ruling will determine who the rightful custodian is.

The tier, which is mandatory, requires workers to contribute 5.5 per cent of their earnings every month into a private fund.

Since its inception, the funds have been managed by the National Pensions Regulatory Authority (NPRA) under the Temporary Pension Fund Account (TPFA).

The first beneficiaries of the fund are to retire in January 2015.