GNAT threatens strike over pension funds

• Posted on August 15, 2018
• by Ellsamwise King
• Comment

The Ghana National Association of Teachers (GNAT), is threatening to embark on a series of protests, including a strike if the National Pensions Regulatory Authority (NPRA), fails to release its tier two funds.

This follows the National Association of Graduate Teachers’ (NAGRAT) threat over similar demands.

The tier two is a mandatory fully funded and privately managed occupational pension scheme operated by trustees approved by the Board of the NPRA.

The Head of Compensations at GNAT, Ahinakwa Quarshie, fears the members would not be able to retrieve their lump sum benefits if the funds are not released.

“After the 72-hour ultimatum, NPRA has not released the funds. What we intend doing is to ask the Board not to pay NPRA fees. The second thing we will do is that after the expiration of the ultimatum, we will go on a sit down strike.”

NAGRAT had earlier cautioned government against political interference in the management of workers’ tier 2 pension schemes by the NPRA.

It said there were plans to replace its fund manager with Prudential Bank, GLICO Insurance, and Data Bank.

The union has also said it will embark on a series of protests if its demands are not met.

This notwithstanding, the Deputy Employment and Labour Relations Minister was confident negotiations will ensure calm all parties involved.