Government has finally paid all outstanding Tier-2 Pension Funds totalling GH₵3.1billion to fund managers, the Member of Parliament for Ledzokuku Constituency, Dr. Okoe Boye, has told Parliament.
“This Akufo-Addo government, after years of protests by workers against the non-release of Tier-2 Pension funds, has finally paid over GH₵3.1billion of Tier-two pension funds for fund managers to control on behalf of workers,” he said on the floor of the House to mark this year’s May Day celebration.
Government agreed to transfer GHȼ3.1billion to the custodial accounts of the labour unions’ pension schemes in December last year.
The Tier-two pension funds have been lodging with the Bank of Ghana since 2010, when the National Pension Regulation Authority Act was passed.
Of the total amount paid, the Health Sector Occupation Scheme received 21.6 percent; Ghana Education Service Sector Occupational Scheme 58.9 percent; Civil and Local Government Service Trust Occupational Scheme, 10.23 percent; and Judiciary Service Occupational Pension Scheme 0.9 percent – while all the other labour unions yet to register their schemes are expected to receive the rest. The amount includes interest on delayed payments.
According to Dr. Okoe Boye, military officers belonging to the lower ranks have had their service period amended from 25 years to 30 years, whereas most farmers are beneficiaries of subsidised fertilisers, free improved seedlings and mass spraying programmes which are expected to improve farm yields, provide better profits and improve the quality of life for farmers.
He also indicated that the health of workers and structure of the workplace in support of healthy living are the kinds of matters which manifest prominently – among others such as stress at the workplace and the provision of therapeutic support to workers in need of coping mechanisms.