CLOGSAG supports government’s new debt exchange proposal

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The Ghanaian Civil and Local Government Staff Association (CLOGSAG) has agreed to consider any new suggestions made by the government about the alternative pension fund offer.

On Thursday, April 20, Executive Secretary Isaac Bampoe-Addo told media that the new agreement won’t impact how their members’ benefits are paid when they retire.

He affirmed, “Based on our investment portfolio as Hedge Pension Trust, we are in a position to pay any of our retirees their benefits whenever they leave home.

“So, I have explained to them that every scheme has got its portfolio [and] our investment portfolio is so robust and per the mix we have in our portfolio, we will be able to satisfy all our cash flow in it.”

Notwithstanding a warning from Organized Labour urging all labor unions and fund managers to steer clear of the new idea, Mr. Bampoe-Addo said that his attitude has not changed.

The Board of Trustees of the Pensions Fund reportedly received a letter from the government inviting them to take part in the New GOG Proposed Alternative Offer for Pension Funds.

Certain labor organizations, such as the University Teachers Association of Ghana (UTAG), have already informed their members that they will not be taking part in the new agreement.

Source: Ghanatodayonline.com

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