Clogsag Expresses worry over transfer of GH¢53 million to Public Sector Worker’s Employer’s Pension Scheme

Clogsag Expresses worry over transfer of GH¢53 million to Public Sector Worker’s Employer’s Pension Scheme

Report by: Ben LARYEA

The National Executive Council (NEC) of the Civil and Local Government Staff Association, Ghana (CLOGSAG) has expressed worry over the diversion and unauthorized transfer of funds from contributions of its members into the accounts of Public Sector Workers Employer’s Pension Scheme (PSWEPS), a temporary pension scheme set up by the Finance Ministry in 2017.

According to CLOGSAG, a whopping Fifty Three million Ghana Cedis (GH¢ 53,000.00) have been again syphoned and transferred to PSWEPS as Five million Ghana Cedis (GH¢ 500.00) contributions of members under its vibrant Hedge Master Trust.

Furthermore, Occupational Pension Scheme policy he stressed have also been transferred to the same scheme.

“All efforts to retrieve this anomalous transfers have proven futile”, CLOGSAG charges saying PSWEPS is creating a gloomy image of government since it has outlived its usefulness therefore be scraped as such and further said its member in the Lands Commission have also had their Tier 2 contributions diverted to PSWEPS.

CLOGSAG through NEC have given government up to 18th June, 2021, to have these anomalies corrected saying a delay in this regard will compel the Association to fall on other options to get the best deal for its members.

The Executive Secretary of CLOGSAG, Mr. Isaac Bampoe Addo who made this revelations of a news conference in Accra said all attempts to correct this anomalous have fallen on deaf ears and wondering of how PSWEPS have metamorphosed into a permanent scheme under the Finance Ministry.

The pensions funds, he said, belongs to the contributors and no group of individuals or institution have absolute power and authority over it and thus called on government and its allied agencies to refrain from the funds to the total benefit of contributors.

Throwing more light on the Pension Funds, he said the funds cannot be used to defray any cost or expenditure and for that matter PSWEPS the move demonstrates a violation of the pension law and challenge the Finance Ministry to put a stop in running the scheme.

In a related development, the National Executive Council ((NEC) of CLOGSAG had a meeting in Cape Coast in the Central Region from 3rd to 5th June, 2021 and issue a communique indicating that among others things that civil and local government service staff have endured relatively lower salary level and allowances over the years and poor condition of services.

Source: www.thenewindependentonline.com

 

 

 

 

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