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Ghana News

CLOGSAG Assures Members of Unaffected Pension Benefits Despite Government’s New Proposal

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The Civil and Local Government Staff Association, Ghana (CLOGSAG) has given its members the assurance that the government’s new proposal for alternative pension funds will not affect their benefits when they retire.

In an interview with TV3’s Labour Correspondent, Executive Secretary Isaac Bampoe-Addo explained that their investment portfolio as Hedge Pension Trust is robust enough to pay out benefits to retirees. He stated, “anytime any of our retirees goes home, we are in a position to pay them their benefits.” CLOGSAG has welcomed the government’s proposal, unlike some other labor unions.

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UTAG Refuses to Participate in the New Deal

The University Teachers Association of Ghana (UTAG) has stated that it will not participate in the government’s new alternative pension fund offer. UTAG’s decision comes after the government wrote to the Board of Trustees of the Pension Fund to participate in the new deal. The association’s decision was announced after a meeting on April 20, where Organized Labor served notice to ensure the safety and security of pension funds of all workers. The association’s members are concerned that the new proposal may affect their pension benefits when they retire.

Organized Labor Warns Against the New Proposal

Organized Labor has warned labor unions and fund managers to stay away from the government’s new proposal for alternative pension funds. After a meeting on April 20, Organized Labor issued a statement calling on the Board of Trustees of all Pension Funds “not to honor the invitation to participate in the so-called alternative offer for Pension Funds.” The statement further noted that an MoU was signed by the government on December 22, 2022, which granted exemptions to all pension funds in the domestic debt exchange program.

In a Nutshell

CLOGSAG has welcomed the government’s new proposal for alternative pension funds, assuring its members that their benefits will not be affected. UTAG, on the other hand, has refused to participate in the new deal, citing concerns about the safety and security of their pension funds. Organized Labor has warned labor unions and fund managers to stay away from the government’s new proposal, citing an MoU signed on December 22, 2022, that granted exemptions to all pension funds in the domestic debt exchange program.

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