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Alba Iulia
Thursday, July 2, 2020

Government releases K30 million for retirees

Economy Government releases K30 million for retirees

The Government has released K30 million in an on-going commitment to dismantle domestic arrears for ex-employees of TAZARA, ZAMTEL, and former Railway Systems of Zambia.

The Treasury said that the funds will help to facilitate the settlement of terminal benefits to the eligible ex-employees, some of whom were represented by legal firms and the Ministry of Finance hopes that in processing the payments, eligible beneficiaries such as orphans, widows, and other vulnerable persons, will be accorded special consideration.

the funds were transferred to ZSIC Life Limited, National Pension Scheme Authority (NAPSA), Mak Partners, and L.M. Matibini & Company, as follows; ZSIC Life Limited TAZARA K 7,000,000.00, ZSIC Life Limited ZAMTEL K7,000,000.00, National Pension Scheme Authority TAZARA K7,000,000.00, L. M. Matibini & Company ZAMTEL K 5,403,858.25 and Mak Partners RAILWAY SYSTEMS K3,596,141.75, bringing the total to K30,000,000.00

The Ministry of Finance also said that it is cognizant of the tight liquidity conditions that continue to impact on businesses and households in the country, but faced with reduced tax, and non-tax revenue inflows due to factors such as the Covid-19 induced economic slowdown, and that under such a difficult scenario, the Government remains committed to dismantling of arrears, prudent utilisation of resources, and implementation of fiscal consolidation measures.

“The K30 million facility for the youth empowerment scheme announced by President EDGAR CHAGWA LUNGU on Thursday, coupled with among other facilities – the K10 billion medium term financing facility being managed by the Bank of Zambia, the K1 billion recently released for crop purchases by the Food Reserve Agency – and the US$29 million for implementation of the aquaculture seed fund under the Zambia Aquaculture Enterprise Development Project aimed at enhancing fish production for more than 3,000 entrepreneurs, are instances that demonstrate the Government’s commitment to mitigation of liquidity constraints in society, ” read the statement.

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24 COMMENTS

  1. Hw much money can a government borrow? Is it a limitless amount? If it can borrow any amount of money, this would be a perfect world. But the truth is that there’s such a thing as policy failure and a limit to hw much the state csn borrow. In Tazara, Zambia Railways and Zamtel, the state has liability limited to share capital. If limited liability cannot limit government losses and liability to the capital invested, then wht’s the point of the state holding shares in limited companies? Does limited liability really apply to state enterprises in Zambia?

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  2. They release the money just before elections.

    Zambian politics stink.

    The PF are now in damage limitation mode.

    Fortunately, people are sick and tired of you thieves and thugs.

    14
  3. Well done govt. Especially for retirees, it’s an injustice to work in your youth only to be denied your life savings pension contribution. Elderly are very vulnerable and it’s a liberty the govt takes by not giving pensions timely to support fragile life.

  4. Why do you have to mention Lazy Lungu in your statement its not like the moron woke up and said that give 30 million to youth…I mean were youth even asking for handouts, as that MP stated in Parliament last week there was money set aside for youth 5years ago but PF cancelled it now when youth protest about poor governance and corruption you start throwing money at them.
    I dont see Ministry of Justice on the list of organisations where the funds will be dispersed to…

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  5. Where is that irritating blogger who is constantly crying for retirees to be paid? A little patience pays. You are no where to be seen now. Money can humble people I tell you kiki

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  6. Kwati nimpiya shakulomba kanshi shabo. The whole country only the top five people are only ones enjoying. I still blame it on judge Chuulu.
    Anyway, we will do Malawi in 2021. Bakopokola we are depending on you. See how our friends in Malawi worked as a team. Uyu muntu natusheko

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  7. What is the power of 30 in PF? Everything is now from 42 million to K30 million.
    Hooooo it’s from Biblical scripture of selling for 30 pieces of silver!!

  8. How many retirees will get paid? That money is only enough for 8-10 retirees ,. Considering how much PF caders are paid 300,00 Kwacha per THUG for doing nothing other than terrorising fellow Zambians, and how much government officials steal from the people of Zambia.
    30 million kwacha is a joke!

  9. where retirees are paid or not PF must go.. they don’t want to do the will of the zambians but their own stuff.. don’t kubeba.. get the money but vote out the oppressive regime..

  10. PEANUTS – Exactly imagine if the retired Directors of those companies have first pick and are paid…retired ZRL Train driver will surely bite the dust.

  11. The retirement packages should reflect the time value of money (inflation rate and depreciation rate).
    $10,000(1995) is worth $17,000(2020) according to the US Bureau of Labor Statistics.
    If you factor in the depreciation of the Kwacha to USD and Zambias inflation rate, the retirees should at a minimum 2.5 times what the retirement package was a few years ago.
    OPEN YOUR EYES.

  12. Journalists, please help this country. Tell us what is the total bill or dues? Only then can one assess what this 30m implies. Otherwise, the story is incomplete.

  13. KZ

    You are fulltime saying diasporans are unpatriotic and look down on their leaders ?

    Maaaannnnn……have you seen how lungu is getting ripped on Facebook by Zambians based in Zambia ???

    If you haven’t I advice you to not look at Facebook , or you will cry badala……90 % of posts regarding Zambian news are critical of lungu…

  14. Spaka the majority hard working zambians who determine elections are too busy for Facebook. Majority of those that use social media and post rubbish against government are majority diasporans or supporters of upnd. My president’s Facebook is open to everyone including opposition sadists. I know that to you Facebook is important because your demigod leader only wins elections on Facebook

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  15. If you have KZ as advisor you are stuck in the past. The fool can’t even read the mood in the country. People that didn’t steal have a right to ask for their money. It is not a negotiation it is an entitlement. Government abrogating means they are at fault!

  16. Some retirees hired lawyers to push for their dues – over a long period. I hope the government is meeting all the legal costs in that package, including inflation calculations from when one retired

  17. what is the actual liabilities of the retirees? How many are these retirees? When were they last paid? what is their accrued interest on the Judgment sum? What is the legal cost due to the law firms involved?

  18. Matibini the Speaker of National Assembly being paid K5 million? Wow wow wow. That money would have helped may be 100 retirees families.

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