The Civil and Local Government Staff Association of Ghana (CLOGSAG) has agreed to explore the government’s alternative offer for pension funds.
On Thursday, April 20, Executive Secretary Isaac Bampoe-Addo told TV3’s Labour Correspondent Daniel Opoku that the new agreement will not effect the distribution of benefits to their members when they retire.
“Based on our investment portfolio as Hedge Pension Trust, anytime any of our retirees goes home, we are in a position to pay them their benefits,” he stated.
“So, I explained to them that every scheme has its own portfolio [and] that our investment portfolio is so robust that, based on the mix we have, we will be able to satisfy all of our cash flow in it.”
Mr Bampoe-Addo stated that his viewpoint has not changed despite Organised Labour’s advice to all labor unions and fund managers to avoid the new idea.
The government is alleged to have written to the Pensions Fund’s Board of Trustees inviting them to participate in the New GOG Proposed Alternative Offer for Pension Funds.
Some labor unions, such as the University Teachers Association of Ghana (UTAG), have already stated that their members will not participate in the new agreement.
Following a meeting on Thursday, April 20, Organized Labour gave notice to secure the safety and security of all workers’ pension assets.
“The leadership took note of an MoU signed by the government on December 22, 2022, in which Organized Labour and the government agreed to exempt all pension funds from the domestic debt exchange program.”
As a result, spokesperson Dr Anthony Yaw Baa urged all Pension Fund Boards “not to honor the invitation to participate in the so-called alternative offer for Pension Funds.”
Original Story on: 3news
