The Council made this known at a News conference held in Accra on Wednesday to express its stance on the proposed extension of the implementation period for the Tier-two pensions as was amended by the National Pensions Act. 2008 (Act 766).
Mr Isaac Bampoe Addo, the Executive Secretary, CLOGSAG said the Association was not in support of the attempt by the Ghana Trades Union Congress (TUC) and Social Security and National Insurance Trust (SSNIT) to derail the implementation of the three-tier pension scheme, which was set to take off by Jan 1, 2020.
He said the positions of TUC and SSNIT was at variance with the directive given by President Akufo-Addo during his address at the 2019 May Day celebration, in which he asked the Ministry of Employment and Labour Relations to liaise with SSNIT and National Pensions Regulatory Authority (NPRA) to bring finality to all outstanding issues in the next three months.
“The three months have ended and we have had many discussions with stakeholders, but no action and we are compelled to embark on a strike action two weeks from now, if no action is taken by the government, enough is enough.” he said.
Mr Addo, explained that Act 766 was promulgated in 2008, but its implementation commenced Jan 1 2010 and was applicable to those who were 55 years as at that time; in 2014 the Act’s applicable period was extended by five years to resolve all technical and operational challenges by the National Pension Act 2014 (Act 883), which would be due by Jan 1, 2020.
He said it was the wish of the association that the on-going discussions related to past credits and data on the transfer of Temporary Pensions Fund Account (TPFA) would be dealt with.
The computation of the past credits held by SSNIT should also appear on the statements of individuals and should be based on the their contributions plus interest calculated using 100 per-cent Treasury Bill Rate compounded quarterly from the date of employment to date.
“Data on the contribution of individuals to the TPFA and interest accrued at 100 per-cent Treasury Bill rate compounded quarterly should be made available to the scheme immediately,” he said.