Remove secrecy surrounding workers’ second tier investment — ICU
The Industrial and Commercial Workers Union (ICU) has urged the government to ensure that fund managers remove any secrecy surrounding investment of workers’ second-tier pension contributions.
The ICU said many of its members had complained that the investment processes of workers’ Tier Two contributions were not transparent enough to reassure workers of their financial security in the future.
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Accountability
In a Christmas message signed by the General Secretary of the union, Mr Solomon Kotei, the ICU said there was the need for fund managers to remain accountable by issuing periodic statements of account on workers’ contribution together with the yields accruing from the investment.
“We cannot deny having achieved some successes in our relationship with our local partners, that is, employers and the government. However, much of our expectations have not been met, as worker satisfaction in relation to wages, incentives such as the end of year benefits and pension among others have not been achieved fully,” he said.
“The need and relevance of end of service benefit to workers on their final exit from active work cannot be overemphasised. Although some callous employers have been fighting this, we will not rest on our oars until those non-conformist employers have also been brought on board,” he added.
Clean up in the banking sector
Mr Kotei also said the revocation of the licenses of some savings and loans and micro-finance companies, though a necessary evil, had worsened the already difficult situation in the financial sector as a lot of workers had been laid off and “this has compounded the rate of dependency on families and friends. The end result has been worsening unemployment and debt stock in the country.”
He said the ICU was aware that the government was doing its best under the prevailing circumstances, it must, nonetheless, put its economic fundamentals right in order to bring about the needed acceleration in the nation’s economic growth next year.
Christmas message
He also encouraged workers to be vigilant and sober during the holidays and take a good rest in order to have their energies renewed for increased productivity next year.
“Being at the forefront of a trade union organisation with a whopping membership of over 120,000 is not a mean task. But I’m glad to say that with the prayers, cooperation and unadulterated support from all members, the burden was made lighter for me so I could offer you the needed leadership and direction that has safely brought all of us to the end of 2019,” Mr Kotei said.
