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With the effects of the Global Financial Crisis that saw billions of dollars in losses worldwide,China Jerseys, and with some countries feeling the effect,Wholesale China Jerseys, it has been learnt that the Guyana Sugar Corporation Pension was also a victim.The Sugar Industry’s Pension Fund,NFL Jerseys Cheap, called the Sugar Trading Enterprise Pension Scheme (STEPS) suffered losses with the melt down of Merrill Lynch in the US.This was confirmed yesterday by Chief Executive Officer of the Sugar Company,Cheap Jerseys China, Paul Bhim,NFL Jerseys Supply, but he emphasized that any loss would be minuscule.He was unable to give exact figures but he said that the overseas investment was an average 24 per cent of the fund. Most of the remainder is in CARICOM because investing in the US has been avoided to a great extent.Some unions had raised the point in 2009 that the government injected $1.1B billion into the pension fund to guarantee the pensions of sugar industry workers while failing to properly address the needs of bauxite workers. |
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