The Trade Union Congress (TUC) has warned the government not to touch private pension funds without negotiating with fund managers or contributors.
The Union, therefore, wants the government to come clear on its plans to use GH¢2 billion of the pension funds through a special entity known as the Ghana Amalgamated Trust to support some five (5) struggling banks to meet the new minimum capital requirement of GH¢400 million.
The Director of Labour Research and Policy Institute at the trade union congress Dr.Kwabena Nyarko Otoo disclosed the union's position to citinews monitored by PrimeNewsGhana.
According to Dr.Kwabena Nyarko Otoo, "It is not possible for government to unilaterally say that they are using private pension funds. It has to be agreed by the workers and the fund managers in particular. And that is for which reason we want to know which one of those fund managers has agreed''.
"If my fund managers agreed to give my pension fund to support those banks and what is the implication for me, and what is the rate of return". Dr.Otoo added
Director of Labour Research and Policy Institute at the trade union congress Dr.Kwabena Nyarko Otoo