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Business News of Tuesday, 11 July 2017


12 Labour Unions threaten strike over tier two pension

Twelve public sector labour unions have given government up to the end of July 2017, to pay their tier two pension contributions.

According to the unions, their contributions have been held at the Bank of Ghana since 2010, a situation they describe as unlawful.

The unions include the Ghana Medical Association, the Civil and Local Government Staff Association, CLOGSAG and the Ghana National Association of Teachers, GNAT.

Speaking to Citi News, the Public Relations Officer of CLOGSAG, Edmund Acquaye, said the union will take a critical action against the government if their monies are not paid.

“We have given government the 31st of July to pay the monies that have been accrued by the Bank of Ghana that is in the temporary pensions account. What we are saying is that, since 2010 to 2016, contributors’ money have been kept at the Bank of Ghana which is yielding no interest.”

“What we are told is that, interest is on the treasurer bill rate and we think it is in bad faith. We think what is being done by the government will not make our people well off.

It is members going on pensions, it will be worse off because the idea behind the introduction of the three tier pension is that contributors should have enough money to be able to survive.”

Three years ago, eight labour unions laid down their tools to make similar demands.

They challenged the Finance Ministry’s decision to use Pension Alliance Trust as a sole trustee of the second tier pension scheme for all employees on government payroll.