Government owes GES Occupational Pensions Scheme 6 Months Arrears – GNAT

Ferdinand|EducationGhana| November 2|Government owes GES Occupational Pensions Scheme 6 Months Arrears – GNAT

The leadership of the Ghana National Association of Teachers (GNAT) has said that the Government owes the Ghana Education Service Occupational Pensions Scheme (GESOPS) 6 Months Arrears.

”Reimbursements for the Ghana Education Service Occupational Pension Scheme (GESOPS) by the Controller and Accountant General’s Department to the Unions are in six months arrears.” The Union said.

This was contained in a Communique issued by the Union after its 2022 Mandatory National Council meeting held from 25th to 29th October 2022.

The National Council of the Ghana National Association of Teachers, GNAT, is made up of 5 National Officers, 32 National Executive members, and 127 District Chairmen, with 3 Management Staff,

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and Full-time Staff across the regions in attendance, having met at the 2022 mandatory meeting at the Teachers Village, Abankro from 25th-29th October 2022, and deliberated on all the issues tabled before and came out with this Communique.

”The council notes that this is having catastrophic effects on pensions returns, with members having reduced lump sum payments, upon retirement.”

”Council, therefore, calls on the Ministry of Finance to instruct the Controller and Accountant General’s Department to pay all outstanding Tier-Two funds to the Custodians before the end of November 2022 to save members who retire, from post-retirement anxieties and uncertainties” The statement said.

” The Government of Ghana, through the Ministry of Finance, would be undertaking a debt restructuring, as part of the IMF Conditionalities, under which domestic bondholders, the GESOPS included, would have their bonds restructured.”

”Council notes that under the arrangement, the GESOPS’ funds which are the largest Tier-Two Pensions in Ghana would be affected badly, with teachers and educational workers losing lots of monies, when they retire.”

”Council, therefore, calls on Government to exempt Pension Funds from the said restructuring, taking cognizance of the fact that pensions in the country are already nothing to write home about.” The Union indicated.