The Public Service Pension Fund, PSPF, says is up todate on the payment of monthly pension benefits to retirees .
PSPF operations manager Richard Mwiinga says the fund is spending K8 billion per month to pay pension benefits to a total of 60,000 retirees within and outside the country.
Mwiinga said PSPF has also decentralized the payment of the pension benefits through commercial banks across the country so that retirees can access their money in their respective localities.
He said this on a live ZNBC television discussion programme in Lusaka today under the topic ‘Occupational Pension Schemes.’ Presented by television personality Inutu Himanje.
Discussants on the panel also included Registrar – Pensions and Insurance Authority Chris Mapipo, Victor Chikalanga who is Principal Social Security Officer in the ministry of Labour and Social Security and chief operations officer – Professiona Assurance limited Chris Kampamba.
Mr Mwiinga said the Fund is has been able to remit all retirees’ monthly benefits by the 26th day of every month since 2006.
He attributed the positive development to enhanced budgetary allocations from the state treasury and streamlined and strengthened management procedures in the payment of the pension funds.
Mr Mwiinga said the Fund has also made progress in the payment of lumpsum retirement packages from a backlog of between three to four years previously to just six months that a claimant has to wait currently.
He said it is the objective of the Fund to reach a stage where retirees will be paid their benefits immediately upon retiring from employment.
Mr Mwiinga added that the ongoing labour law reform is an important development as it is expected to impact positively on the general welfare of the Zambian worker both in the formal and informal sector through enhanced savings.
He said Zambians should cultivate a culture of savings through the available social security establishments so that they secure their future after their active years of employment.
On the same programme Pensions and Insurance Authority, PIA, Registrar Chris Mapipo, said many workers were ignorant about their pension rights and entitlements.
He said the law obliges employers to remit workers pension contributions to pension fund managers so that they have a continuous flow of income when they retire.
oh ooooh ok
Didnt yo know that you are suppose to be update with everything you do?
But what you give them is peanuts!!!!!
its good that fianlly there is a solution to the long suffering retirees some of whom have passed on without being given their money
Sanity is slowly returning to the country. It’s a shame that people were contributing to a system that was not willing to give them back their dues after retirement.
Please may I know when my first monthly Payment is due. I have been frequenting your office but up to now I haven’t got my Pension let alone the Monthly payment. I am in need of money please help. My contact no. is 0977469186