The Industrial and Commercial Workers’ Union (ICU) is raising concerns about the inclusion of pension funds under a new Domestic Debt Exchange Programme (DDEP).

According to the ICU, the survival of workers, now and in the future, depends largely on their present incomes and future pensions.

“Pensions should not be violated under any circumstance, if the recent experience regarding the investment of pensioners in this country is anything to go by", it said in a statement.

On this score, the ICU said, achieving a living wage for the workers of Ghana and, by extension, protecting incomes and pensions, must be the responsibility of all stakeholders in the socio-economic equation of the country.

Background

Organised Labour, in a joint statement said it had become aware of a letter dated April 7, 2023 , inviting the Board of Trustees of Pension Funds to participate in a new government of Ghana Proposed Alternative Offer for Pension Funds.

This, it said, contravened a Memorandum of Understanding it reached with Government on December 22, 2022 to grant exemption to all pension funds in the Domestic Debt Exchange Programme (DDEP).

May Day Celebration

The ICU said the essence of labour, primarily, is to meet members’ physiological needs, that is, Food, Clothing, Shelter etc. now and in the future. Hence, the adoption of the theme, “Protecting Incomes and Pensions in an Era of Economic Crises: Our Responsibility” the Union says, is an apropos theme for the celebration of the 2023 May Day.

The Union added that as workers, the year-in-year-out celebration of May Day has imbued in them “an irresistible sense of belonging in the labour fraternity which should motivate us to give of our best at the workplace to increase productivity for our organisations’ profitability and for sustainable economic growth and national development for our mutual good.”

Casualisation of employment

The ICU, however, admonished employers to show commitment and pay workers a living wage in conformity with international standards to commensurate with their toils and sacrifices for increased productivity translating into economic growth and national development.

In the statement, the ICU also suggested that the tripartite partnership of Government-Employer-Labour must be strengthened, efficiently and effectively harnessed, and work in tandem to finding a lasting solution to the intractable economic problems of the country so as to achieve sustainable and long-lasting economic relief for the workers and citizens.

The ICU says, as Trade Unions and workers, it shall continue to play the role expected of members in the economic equation of the country by working hard; in the same vein, the other two members of the triumvirate partnership – Employers, should motivate workers with institutionalisation of a living wage as mentioned earlier and stop casualisation of employment.

The Union also urged Government to promulgate sound and effective economic policies and programmes that would create conducive environment for economic growth and development.