Court orders Gov't, labour to instate PRB

The Industrial and Labour Court has ordered the 12 labour unions in the country and government to immediately inaugurate the Pensions Regulatory Board before seeking an out of court settlement.

The court has asked the two parties to complete the inauguration and settling of other issues on the transfer of funds to custodians within two weeks

Again, the labour unions and government are to amend portions of their road map in view of the fact that the dates have expired.

Per an agreed roadmap, both parties were to inaugurate the national pensions regulatory board in December last year but failed.

They were also supposed to establish custodians to allow transfer of funds in January this year but that also could not be achieved.

Consequently, the court Tuesday directed the two parties to complete the inauguration of the board and other issues on transfer of funds within two weeks.

Government dragged the 12 labour unions to court last year over who managers the second tier pension funds.