At a time when the Nigerian Media has been inundated with damning revelations of fraud associated with pension funds, it is shocking to note that over a year since the new pension scheme was introduced to local government workers in Delta State , no one can tell where the monthly pension deductions are going to.
The 7.5% deductions which started March 2011has continued uninterrupted, yet the pension fund operator, Guarantee Trustfund which initially promised to update its subscribers with their monthly contributions is yet to issue any statement, not to talk of the much promised15% contributions from the state government which still remains a mirage. Attempts to access its website has further fueled anxiety as all that could be seen is a site that claims to be under construction for up to a year, may be the construction of the website has become a “mega project’
Another cause of worry to Delta LG workers is the unusual silence associated with huge tax deductions which neither has an account or evidence of payment. The LG workers are even more disturbed that despite their complains and fears, there has been no assurance of the safety of their pension contributions from either the state and local governments, pension fund operator or the relevant labour unions .
If nothing urgent is done by all stakeholders,the pension fund could be another broad day light fraud.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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