Accra, July 1, GNA-The Public Services Workers Union (PSWU) has started a welfare fund for its members to serve as additional savings during their retirement.

Mr John Nii Donu Sampah, Deputy General Secretary of PSWU at the Accra Branch Meeting, said the fund would also give loans to members of the PSWU at far lower interest rates as compared to the commercial banks

Members of the PSWU are supposed to contribute two per cent of their monthly salaries towards the implementation of the funds, however, some members of the PSWU agitated when the mandatory two per cent was deducted from their salaries for June, citing the hard times and low salaries.

.Mr Sampah however said members who do not wish to immediately join would be opted out from the Controller and Accountant Generals Department once the Divisional leadership provide the Mother Union with information.

He reiterated that those who opt out of the fund would have their monies refunded.

The PSWU fund aims at taking up and providing financial assistance or needs of members

Mr Sampah said members qualified for loans six months after the first deductions, members were also entitled to hire purchase, partial withdrawal and a lump sum payment on retirement

The PSWU has also started implementing a Mutual Health Insurance Scheme for its members, he said.

The PSWU’s membership is spread over sixty-five (65) Public Sector Institutions otherwise known as Divisions with about twenty-seven thousand (27,000) members.

GNA