KTU staff pickets at SIC-FSL over unpaid funds

Accra, Oct 31,2024 - The Technical University Senior Administrators Association of Ghana at Koforidua Technical University (KTU) is staging a picket today at the State Insurance Company-Financial Services Limited (SIC-FSL) head office in Accra.

The protest follows SIC-FSL's failure to refund funds to over 500 KTU staff members, including junior and senior personnel, who entered a fund management agreement with the company in 2010.

Background of the Dispute

In 2022, KTU management withdrew from the agreement due to SIC-FSL's inability to disburse insurance packages to retirees, beneficiaries, and members requiring medical treatment funds. Despite numerous requests, SIC-FSL has failed to refund the accumulated funds.

Association Chairman Speaks Out

Daniel Mbimab, Chairman of the Association, expressed frustration over SIC-FSL's uncooperative stance in an interview with Citi News.

“Management wrote to them and then stopped the payment of our monthly contribution to the fund. So the staff and the unions all came together that since…we have been saving or doing our investment for so many years and they have the money in their custody, they should refund the money to us.

“So management wrote to them to refund the money and ever since we have been playing this game where we write to them or we communicate to them, bring our money and then they tell us a different story.

“So we have been doing this for quite some time now but we realised that the majority of our members or some of our members are dying or some are dead and their dependents require the money to actually move on. Some are critically ill.”

Source: Lead News Online