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23.10.2014 Opinion

Exposed!! The 2nd Tier Pension And The True Colours Of Gov't And SSNIT Prompting Labour Strike

By A Concerned Teacher
Exposed!! The 2nd Tier Pension And The True Colours Of Gov't And SSNIT Prompting Labour Strike
23.10.2014 LISTEN

If you are a SSNIT contributor and you don't know much about the second tier pension and the widespread agitations from government workers, please kindly take time to read this from a non-partisan angle.

After the abolishing of Cap 30, pensioners have been complaining of hard times after pension so President Kufuor brought experts to design a new pension plan for workers. The plan was made and accepted into law but it was to take effect in 2010. Truly, the new law was launched by President Mills of blessed memory which took off in the same year 2010.

The new pension law says from next year (Jan 2015), SSNIT will not pay bulk pension (popularly called pension pay) again. SSNIT will only be responsible for the monthly pension of pensioners.

Monthly contribution of workers has been increased and divided into two, one goes to SSNIT & the other one (the second tier) should be given to the various labour unions to make investment of their choice and pay the bulk pension.

This means that the labour union will pay your bulk pension & SSNIT will pay your monthly pension until you die.

Please Note:

This is what is done in many European countries and that is why their pensioners enjoy life after pension, as it is now, government takes the share of SSNIT as the law says and instead of giving the second tier funds to workers to make their own investment, government and the president has violated the law now say they will keep the money and
appoint fund managers on behalf of the workers.

So, a group of people known as the (PENSIONS ALLIANCE TRUST) has been put together by the president to manage the second tier monies. Workers say they cannot trust government with SSNIT and at the same time in managing the second tier money so government should release the second tier monies and allow the laws to take its rightful cause and process.

The Real Problem:

From 2010 to now, government is refusing to release the monies for the workers to manage their own funds and that is basis of this strike. This strike action is not to the benefit of only government workers. It is to the benefit of all SSNIT contributors including those in the private sector who are SSNIT contributors. It is our future and we must be concerned. It is no joke. We must be serious with the issues.

Our investigation further points to the fact that some of those people who were appointed as fund managers (PENSIONS ALLIANCE TRUST) are the same people who came together and colluded to buy merchant bank which is now Universal Merchant Bank.

Seriously, we think the second tier money is not at the Bank of Ghana. The president has given some people the chance to mess with workers' pension and government is not telling us the truth.

SHARE TO AS MANY GOVERNMENT WORKERS AS POSSIBLE. THIS IS SOLIDARITY!

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