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General News of Monday, 20 August 2018

Source: citinewsroom.com

GNAT to go hard on government over delays in releasing tier two funds

The Ghana National Association of Graduate Teachers (GNAT), will today decide on their next line of action if the government does not respond to its 72-hour ultimatum to release their tier two funds.

GNAT gave the government the ultimatum to release the tier two funds or face their wrath.

The ultimatum expired on Friday, but GNAT says they are yet to hear from the government.

Earlier, GNAT threatened to embark on a series of protests, including a strike if the National Pensions Regulatory Authority (NPRA), fails to release its tier two funds.

The teachers, however, told Citi News they would decide by close of day today, Monday.

The tier two is a mandatory fully funded and privately managed occupational pension scheme operated by trustees approved by the Board of the National Pensions Regulatory Authority (NPRA).

The Head of Compensations at GNAT, Ahinakwa Quarshie, fears the members would not be able to retrieve their lump sum benefits if the funds are not released.

NAGRAT had earlier cautioned government against political interference in the management of workers’ tier 2 pension schemes by the NPRA.

It said there were plans to replace its fund manager with Prudential Bank, GLICO Insurance, and Data Bank.

The union has also said it will embark on a series of protests if its demands are not met.