The Civil and Local Government Staff Association, Ghana (CLOGSAG) has launched a housing scheme, which will allow members to secure funding to begin or complete the construction of permanent places of residence and also reduce the housing burden on workers in active service or after retirement.
The ‘Pempamsie’ Housing Scheme, in partnership with Hedge Pensions Trust, gives members a minimum mortgage of 50,000 to undertake building projects in phases. I
Mr Isaac Bampoe Addo, Executive Secretary, CLOGSAG, lauded Hedge Pensions for taking steps to “actualise” the provisions under sections 103 and 114 of the National Pensions Act, 2008, (Act 766).
To him, house ownership for most workers in the public sector has been a mirage, as the low salary levels of public sector workers make it impossible to acquire houses of their own.
Additionally, previous attempts by governments to provide affordable houses have not been successful, as the prices are beyond the reach of a large majority of public officers. He urged the CLOGSAG members to continue to contribute to the pension schemes in order to qualify for this facility.
Mr Ignatius Baffour-Awuah minister for employment and labour relations said the Scheme was as a result of discussions during Domestic Debt Exchange Programme (DDEP) engagements between government and labour unions.
He mentioned that investment opportunities regarding pension funds were now “flexible”, therefore, managers of pension funds should come up with schemes that will be beneficial to members.
Mr Baffour-Awuah believed the Scheme would help civil servants have “a reliable place of their own”, and to some extent reduce the demands made by workers on the Government.
Mr Benjamin Otto, President of CLOGSAG, described the initiative as “good news” to all contributors of the ‘Pempamsie’ Tier 3 Pension Fund as it would offer beneficiaries the opportunity to begin the process of owning a primary residence of their own.
Mr Otto made known that Pempamsie, is an Adinkra symbol that signifies preparedness and foresight.
Source: Oyerepfmonline.com/ Bernard K Dadzie
