Pay our Investments to Fund Managers by 8th Feb or we take action – Teacher Unions to (CAGD)

Pay our investments to Fund Managers by 8th Feb or we take action is the stern warning from the Teacher Unions to the Controller and Accountant General (CAGD). 

Teachers have lost their full investment benefits on GESOPS because of the nonpayment of 5% SSNIT deductions for the past four months by (CAGD). 

Teachers employed by the Ghana Education Service have lost their four months full investment benefits in GESOPS as a result of this. The teacher unions have voiced out, and the message is simple “Pay our Investments to Fund Managers”

What is GESOPS?

GESOP is the Ghana Education Service Occupational Pensions Scheme. It is a Tier-2 pension scheme regulated by the National Pension Regulatory Authority under the amended pensions act, 2008 (Act 766).

Teachers whose contributions are channeled into the GESOPS are members of the recognized teacher unions. Out of the 18.5% SSNIT deductions, 5% is by law paid into the Tier-2 to be managed by fund managers on behalf of members of the GES who are contributors to SSNIT. The 5% which is deducted at source has not been invested for the past four months.

Teacher unions uncovered this when they made follow-ups to the Fund managers.

According to information available to this portal, teachers are losing all returns on the deductions because they are yet to be invest.

The Coalition of Concerned Teachers- Ghana (CCT-GH) Ghana National Association of Teachers (GNAT) and the National Association of Graduate Teachers have cautioned the government and its agencies to take proactive steps to refund contributions and accruing benefits to teachers.

Failure by the (CAGD) to remit the contributions to fund managers for investment means teachers are at the losing end.

The Teacher unions have called on the current Acting Finance Minister to pay the funds into the necessary fund accounts for teachers by Monday 8th February 2021.

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In a letter from the unions, they indicated that teachers would advise themselves if their request for funds to be paid is ignored. The (CAGD) will have itself to blame the letter added.