Organized Labour suspends industrial strike action over pension funds

Reports say Organized Labour has temporarily suspended moves to embark on an industrial strike over the management of its pension funds.

It expects the government to issue directives for the transfer of funds to the various public sector schemes by July 14, 2014, in a bid to have total control of their funds.

Members have given the government up to two weeks to come out with a tangible solution to enable them manage their own funds as enshrined under the National Pensions Act of 2008 (Act 766).

At a recent news conference in Accra, Organized Labour warned that if the feedback from the government turned out negative, then members would be forced to go out on the streets in protest.

Deputy General Secretary of the Ghana National Association of Teachers (GNAT), Awotwe Nkansah further contended that ‘the NPRA should be seen as an authority vested with powers to see to the effective and efficient implementation of all pensions in Ghana.’

The Act 766 requires workers to contribute 5.5 per cent of their earnings into a private fund as part of a mandatory second-tier programme.

The three-tier policy scheme is managed by the National Pensions Regulatory Authority (NPRA) under the Temporary Pension Fund Account (TPFA).

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