The National Pensions Scheme Authority, NAPSA, has recorded a 45 per cent increase in contributions collected exclusive of penalties and an overall increase in net assets of 20 percent.
Labour and Social Security Minister Austin Liato, who confirmed the development in a ministerial statement made in parliament today on the 2007 Financial Statements, said the scheme recorded an overall increase in net assets of 4 percent as a result of revaluation gains.
Mr Liato explained that the Pension Scheme recorded an increase of about K1.7 billion while Provident Fund recorded an increase of about K288.3 billion.
He further explained that the National Pension Scheme which had a total number of 18,563 registered employers and a cumulative membership of 985,747 as in 2007, the scheme’s monthly average collection stood at K35.1 billion.
He disclosed that NAPSA paid-out K24.8 billion as lumpsum benefits to its retired members, while a total of K3.7 billion was paid in form of pensions adding that another K20.1 billion was paid to beneficiaries under the repealed Zambia National Provident Fund.
Mr Liato further disclosed that NAPSA’s investment portfolios as at 2007 for the pension scheme recorded K510.4 billion in treasury bills, while K884.9 billion was recorded in government bonds, adding that another K102 billion was recorded in term deposits.
He added that K77.9 billion was recorded in equities and a K32 billion was further recorded as fixed interest securities.
Mr Liato also disclosed that NAPSA’s investment portfolios for the provident fund as at 2007 stood at K35.5 billion in treasury bills, while K37.9 billion was recorded in government bond and a K7.7 billion was recorded in term deposits and a further K118.3 billion was recorded in equities.
He added that K108.3 billion was recorded in fixed interest securities.
He said NAPSA has diversified its investment portfolios from the traditional Bank deposits to investment in real estate development and participation in the equity market.
Mr Liato said the move was done in line with government’s policy of safeguarding members’ funds and promoting projects that contribute to social and national development.
He has since reaffirmed government’s continued commitment to the prudent management and utilization of NAPSA funds with a view to creating efficiency and transparency in the sector.
ZANIS/TK/ENDS/SJK
ok
LT is not on Strike!!! :d
A new story at last, thanks LT!:)>-
Awe wachelwa iwe Nine Chale!!
I am Numbala l-)
Yaba..anyway congrats Jamaco. I came 0.0019 seconds late!
pls can anyone with infor regarding recent changes at ps level pls share
What a chi boring story ba LT, tamukwete ko fimbi? Na laya mukulala[-(
Nachi shipuka ! Nine Chale nelyo mulelya ?
“He said NAPSA has diversified its investment portfolios from the traditional Bank deposits to investment in real estate development and participation in the equity market.”
THIS IS THE BEST PART OF THE ARTICLE!! WELL DONE MR LIATO!!
=d>=d>=d>=d>=d>=d>=d>=d>=d>=d>=d>=d>
news on permanet secretaries pls
#8 Ba Maureen, tulyaa iya bu soja…napa table nine l-) to get up!
gee
Ine ifyama pension pa Zed teti ncite po comment. I’m not affected. Iwe Jamaco, nishani utuma analysis twabufi?o:-)
Thats is good news especially from an institution like napsa,then the restructuring was a good thing afterall.Congrats :d
#
13. your flag Nine Chale
Iwe Nine Chale!! Investment in Real estate is Numbala l-)
even here in Germany!!
It is a good Trend leading to huge profits.
Traditional Banking is not that promising!!
Jamaco OK, I agree with you.$-)
Let the NAPSA`s investment benefit the common man.We should not just see them driving their girl friends in hammers and other expensive cars at the expense of the poor members.
Zambian President i totally agree with you.Beneficiaries of NAPSA should be common man.
1. Dr Mtonga new PS at Health
2. Ms Mutiti New PS at Home Affairs
3. Buleti Nsemukela moves to Education
4. Jazzman Chikwakwa is new PS for Luapula
5. Stephen Bwalya is nerw PS for Lusaka Province
6 PSs to be redeployed
7.4 PSs retired/ dropped
It is expected that 16 new PSs will be appointed.
which bwalya is this? the former DA? yaba, we are going back to the darker ages.
Ba LT some news that you bring here sometimes awe sure.Efyo baile ba zambia! Hi nine Chale,Jamaco and everyone else.
Good news for us. I have a Social Security Number with NAPSA but I am informed that I will only have access to my money through the Scheme when I will be over 55 years old, by God’s grace.
All the best NAPSA and I will surely seek to claim my money back when that time comes.
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LT 2008 Award Winner. =; for Zambia in 2011.
# 21 Chewe Greetings bro.
Take Care.
Guantanamo Bay baisala and no more Body-watering!!!
This is the end of a vacation facility for terrorists!!
Awe ba Obama mwabomba :)>-
Maestro Hhehhehhehhe, like I have said in the past, I will be on you till you change. Ndiwe villager, I want you to grow up since you never did in who ever’s house you were brought up. Have you acquired any manners now? You never had, even bad ones will be ok. Till you change, niku kwete.
Maestro Hhehhehhehhe, till your tail is cut, NIKU KWETE :((
Pension funds are useless you want to have ribs that look like guitar strings when old, you contribute all your life only to get a mere paycheck that cannot even take care of you in your old age. Are these not the same schemes that people pay every month only to be given a mere 30 million kwacha at the end of it all or some tiny monthly salary.It’s better to save money while working through your lifetime and invest it in vnetures like property or securities that way you are still guaranteed an income in advanced stages of life. If people would just plan early and put away a little everymonth over the years it can be a substantial amount. But saving is not common in zambia people spendin
Best news out of Zambia this year in my opinion.
So if NAPSA is doing so well, why did the Director-General get fired last month? This guy did more in supporting Zambian businesses than any other DG in the history of the institution. He also wasnt a “yes boy” so what was the deal?
Imwe baka pweke who were saying that the government can not bailout Zambian airways, how come the Tanzanian government has injected some billions into Air Tanzania.It just shows that the government of Tanzania cares for its people who would loose jobs if the air line was to collapse. Not in Zambia,as long as a few individuals are chewing some have even become light in complexion and have big tummies. peter Daka alwala noku lwala because of fi fat. Thats what matter in Zambia not helping the citizens.
We have beetn cheated yet again! NAPSA is one institution that only survives due to the Act of Parliament. They have never been innovative. They can’t even advise their clients as to how much they have accumulated in terms of contributions and interest. Is not mind boggling that one HeHeHeHe will go to claim his money at the age of 50 but not knowing exactly how much it is? Cycle Mata when he briefly served as labour minister under FTJ tried to change things at NAPSA. He wanted to compel NAPSA to issue monthly statements to its clients showing the status of their accounts. People contribute to NAPSA not because of any incentive but because they are required by Law. By the I think some of
By the way I think some of the statics in Liato’s report may not be true. CSO indicates that as at 1991 Zambia had slightly over 400,000 people in formal employment. This was a time when Nchanga Division of ZCCM had over 35,000 employee alone!not the less than 10,000 now. To say NAPSA has close to 1million subscribers may not be true because Zedians have continued to lose employment. Even resuscitated companies such as the mines have never employed at the levels as that of ZCCM, not even 50%. Yes, the informal sector has grown, but which kaponya queues at NAPSA every 14th to pay his contributions? What about illusive Lebanese, Indian, Chinese, South African, Loca and all Mandarin investors
who do not wish to empower their employees with pension schemes? Some have run away without paying their workers separation packages. Others can’t even advise workers’ social security numbers to enable them claim their monies or advise their next employers.Just yesterday Lets Go Bowling at Arcades Shopping Mall closed and its owners wanted to sneak out with their equipment without addressing workers’ needs, despite their pay slips showing these statutory deductions. Liato must do more than just put on weight and made good speeches in parley.
ZNPF, Zambia National Provident Fund the predecessor to NAPSA invested in buildings that are now white elephants. Some are in a state of disrepair they can hardly bring in any income. It may be even difficult to sell them for few if not none can desire to purchase a disused multi storey building in some remote part of Zed without any requisite services that go with maintaining such. It may have been a misplaced direction by UNIP then. So we need to know exactly which real estates that NAPSA has invested in. There is need for further details, else the statement is hollow
:((
When will i get my contributions
Thats good but the problem is that us the owners of funds are not allowed to get loans from napsa unlike its employees.Be fair guys thats our fund ka. >:)>:)>:)
This is strange news to me considering that the same Minister recently fired the new Director General who brought these changes/improvements he is boasting about:-?
Is’nt this same Napsa were retirers are not given their packages when they reach 55 years. That is why me i would rather put my money in the bank than feeding those NAPSA directors and employees who are putting on weight because of the money that we contribute to NAPSA it is all malabishi and how i wish it was not mandatory to contribute to NAPSA. Anyway let me finnish my work i will blog later.
Napsa is the one institution guilty of the henious crime of abusing the aged. This pathetic institution ploys on the harpless retirees by giving, robbing the helpless aged.
Whilst monthly deductions are pegged on current inflation rates, the pensions packages deliberately ignore the effect of inflation over the periods. The pensioner is helplessly abused by this institutionalised crime.
Here is the issue. When you contribute towards pension, the assumption and rightly so is that you will not be a destitute apon retirement. But is that the case? No. Over the years pensioners dont leave beyond a certain time frame all because of depression.
NAPSA is the most useless pension scheme on this planet. you cant even buy a car from the contributions, but it pays its workers well and they’re entitled to loans
LT give us another story please
It is not a good excuse to say that therwe is not enough funds to allocate decent pension packages. What is the whole idea of pension? For government to make money and disregard the contributers? The pensioners have no say in the matter of how their contributions are being invested inspite of the fact that they are the supposed beneficiaries of these funds. Just this Guy who was recently fired used pension funds to invest in MUBUYU COFFEE FARM a scheme which is unviable and this fellow has just be rewarded with a position in the ZAMBEEF board. How pathetic could things be?
Just because some people hold sway in the affairs of other peoples investments does not mean that they should carelessly abuse that responsibillity. That is what NAPSA is doing.
Well done Napsa but the idea of getting money only when you reach 55 definately has to change cos an average life span pa Zed has changed it is much lower than 55 and then these days people are being rentrenched every day even at 40 but I have to wait till am 55 with depretion I day. I left work at 39 but have to wait till am 55 to get my 15 years contribution to Napsa God knows if I shall reach there.I think we should be allowed to get our moneys whenever I leave work at least our friends in RSA do that. after all its mine I contributed it why tell me when I can access it. Just cos some Director is enjoying it
Where is my friend Donya Donya. Have you changed names. Opressed I miss you on LT.
Yes!
LT chingako topic. Very uku bola
This issue of getting money at 55 is just another way of stealing for people. Very few people get this money and most people die leaving this money behind. The ones enjoying this money is the NAPSA employees and directors who have built big houses in chalala and driving big cars. Things have to change pa ZED give to ceaser what belongs to ceaser.
What is this news about reshuffles of PS? How come its not in any online paper? LT … tell us something about it … my uncle is a PS uko kuntu ka
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