Government releases fund for payment of Tier-2 Pension arrears

According to a communique dated Tuesday, April 30, 2024, and signed by Hon. Ignatius Baffour Awuah (MP) and Minister for Employment, Labour Relations and Pensions, Dr. Anthony Yaw Baah (Secretary-General, TUC) and Dr. Isaac Bampoe Addo (Chairman, FORUM), the government has released fund for the payment of Tier-2 Pension arrears.

The communique read

COMMUNIQUE

At a meeting held on 30th April, 2024 between Government represented by the Ministry of Employment, Labour Relations and Pensions, Ministry of Finance, Controller and Accountant General’s Department, National Pensions Regulatory Authority and the Social Security and National Insurance Trust of the one part and Organised Labour represented by the Trades Union Congress (TUC) and the FORUM of the other part, it was agreed as follows:

a. That Government has released funds to the Ministry of Employment and Labour Relations to facilitate the payment of the lump sum top-up benefits to beneficiaries who retired under the National Pensions Act, 2008 (Act 766) in 2020 and whose benefits were lower than what they would have received under PNDCL 247.

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b. That Government has started the payment of the TIER II outstanding arrears and agreed on payment plans with the Public Sector Schemes, having paid the first tranche on 22nd April, 2024.

c. That Government would pay the agreed amounts partly in cash and government papers.

SOURCE: Coverghana.com.gh