At a time when the Nigerian Media has been inundated withdamning revelations of fraud associated with pension funds, it is shocking tonote that over a year since the new pension scheme was introduced to local governmentworkers in Delta State, no one can tell where the monthly pension deductionsare going to.
The 7.5% deductions which started March 2011has continued uninterrupted, yet the pension fund operator, Guarantee Trustfundwhich initially promised to update its subscribers with their monthlycontributions 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 furtherfuelled anxiety as all that could be seen is a site that claims to be underconstruction for up to a year, may be the construction of the website hasbecome a “mega project’
Another cause of worry to Delta LG workersis the unusual silence associated with huge tax deductions which neither has anaccount or evidence of payment. The LG workers are even more disturbed thatdespite their complains and fears, there has been no assurance of the safety oftheir pension contributions from either the state and local governments, pension fund operator orthe relevant labour unions .
If nothing urgent is done by all stakeholders, the pensionfund could be another broad day light fraud.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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