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Alba Iulia
Saturday, May 21, 2022

Government makes progress on the Partial Withdrawal of NAPSA Contributions

Headlines Government makes progress on the Partial Withdrawal of NAPSA Contributions

The government says it has reached an advanced stage in undertaking consultations regarding the review of the National Pension Scheme Authority (NAPSA) Act.

Minister of Labour and Social Security, Brenda Tambatamba, says a road map on the review of the NAPSA Act has already been developed and assured regular updates on the process.

Ms Tambatamba was speaking during the opening of the Tripartite Consultative Labour Council in Lusaka today.

She stated that international best practices are being studied to be used as benchmarks in carrying out the review.

“On the ongoing debate on the accessibility of pension funds, I am happy to mention that we have made remarkable progress. A road map has so far been developed on review of the NAPSA Act and discussions have reached an advanced stage benchmarking lessons from within, the region and abroad,” she said.

Ms Tambatamba further said the investment projects NAPSA has been undertaking will make the institution more viable so as to provide decent pensions for members.

“I took time to understand how NAPSA operates by undertaking a familiarization tour of the projects in Livingstone. This was to ensure that value enhancement investments are secured and the return of investment yield results that will enable members get meaningful pension benefits in a timely manner and sustainably for a lifetime,” she said.

She also addressed the issue of labour migration, which she said is becoming a breeding ground for ills such as human trafficking.

Ms Tambatamba has advised that seeking greener pastures abroad should be done within the confines of the law.

“This issue is now becoming alarming especially to our girls aged between 18 and 25 years who are finding job opportunities using various social media platforms. To you young girls and ladies, your safety matters whether here in Zambia or not,” she said.

The minister added that tripartite consultations with stakeholders on labour matters will help address common challenges the sector is facing.

Speaking at the same event, Zambia Federation of Employers (ZFE), Vice president, Kennedy Njamba, expressed concern with what he termed as illegal strikes by workers.

Mr. Njamba said employees should consider the cost of production before demanding for salary increments.

Meanwhile, Zambia Congress of Trade Unions (ZCTU) president, Chishimba Nkole commended government for reducing the rate of inflation.

Mr. Nkole however, called on government to implement policies that will help bring down the high cost of living.

14 COMMENTS

  1. Just let all employees have private pension schemes in their workplaces. They can have access to that money when they change jobs and leave Napsa for future use (55 years).
    Ayo ni maganizo yanga.

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  2. FOR HOW LONG ARE YOU GOING TO CONSULT ON THIS MATTER? TIME IS RUNING OUT YOU ARE ABOUT A YEAR IN GOVERNMENT, YOU ARE REMAINIG WITH 4 AND SOME MOTNTHS. CONCLUDE YOUR NEGOCIATIONS. THE PROMISE WAS TWO MONTHE AFTER FORMING GOVT CIVIL SERVANTS ARE TO DO Partial Withdrawal of their Pension and NAPSA Contributions.

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  3. Soon after this is done NAPSA will become unviable as a pension fund leading to calls will be made to privatise it or open up public pensions management to the private sector. And as everyone knows our current leadership is heavily involved with the Saturnia Regna pension fund which we can be expected will be the main beneficiary. Even the sale of the ZSIC flats in kansenshi Ndola is suspicious for the same intention.

  4. The unusual ZISC Kansenshi life pension flats will conveniently be sold to a private pension fund where leadership has a business interest. And if an individual dare bid for it it will be repossessed by ACC as proceeds of crime so no Zambian will dare bid for it even if they could in the current environment.

  5. Singing the same song for too long and No results yet
    Zambia national provident funds was closed in 2000 but All the beneficiaries except those attaining 50 years are eligible

  6. Update me of any new update on napsa, I contributed to napsa and am no longer in any employment due to my health,that money can help me make a good investment.i have a statement of my contribution.

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