Thursday, July 18, 2024

President Hichilema assents to National Pension Scheme Bill

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President Hakainde Hichilema yesterday assented to the National Pension Scheme Bill which provides an option to claim for one off-age benefits by a member under the prescribed minimum pensionable age of 36 under the existing funds.

According to a press statement released by Presidential Spokesperson Anthony Bwalya obtained by ZANIS in Lusaka, Tuesday evening, the Bill has also revised the penalty rate for delayed payment of contributions from 20% to 10% and provides for a waiver of penalties arising from delayed payment of contributions.

” The move by the Head of State is a fulfilment of the United Party for National Development UPNDs 2021 election campaign promise to undertake crosscutting reforms at the National Pension Scheme NAPSA and enhance value for money for the contributors, ” says Mr. Bwalya.

The National Pension Scheme (Amendment) Bill of 2022 was first presented to the National Assembly for debate this October 2022 and has been assented to by the President after passing all the readings.

Cabinet recently approved in principle the introduction of a Bill in Parliament to amend the National Pension Scheme Act No 40 of 1996 so as to provide members of the Scheme an option to access part of the contributions before retirement.

Chief government spokesperson Chushi Kasanda in a Cabinet statement revealed that President Hakainde Hichilema has made a policy pronouncement on the need for partial access to pension contributions to members of the National Pension Scheme.

22 COMMENTS

  1. This is a welcome law for it will help persons to invest in other tangible assets as they continue working.
    Well done President HH and the whole UPND and the patience of us Zambians.

  2. I am always worried about things that are signed in a hurry and when a politician gives you something, received it but stay focused. The politicians never gives, they always get. Why would Mr Saturnia Regna act so quickly on pensions? Now NAPSA will have to dispose off its assets to meet its Financial obligation and we have Mr Privatization and his Foreign friends at helm of power. After people finish their money they will go back to work again and be members of Saturnia.

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  3. What is wrong being a Saturnia member? Anyway, this issue of partial withdrawal would make sense if such monies are substantial for investment which i doubt considering the amount of contributions currently obtaining.

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  4. He should be the first one to pay people their Sartunia. Others have died without getting their money from Saturnia.

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  5. HH has never done anything with Zambians in mind. Look at privatization and marriage with IMF. For NAPSA we need to look at the big picture. People between the age of 36 to 55yrs and working contributing to Napsa are a lot. NAPSA will not have the money readily available tomorrow to start paying people but policy has already been announced. If it was ERB it was going to say “by midnight tonight” those eligible start getting their money. HH is interested in creating a situation were NAPSA liquidates its assets so that him and his friends starts buying.

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  6. A real game changer.
    A majority of Zambian employees are debt ridden as it was normal during the reign of PF to be in debt.
    The PF made household debt reach pandemic levels.
    Zambians can now partially access their retirement funds and invest the money in a small business venture.
    After all its their money.

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  7. Read carefully, they are talking about ZNPF and not NAPSA. Whether Upnd or not read again and try to understand instead getting excited.

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  8. #8 That my understanding too.
    The high excitement will soon result in unqualified disappointment.
    This act is about allowing the youngest member of the now defunct ZNPF to access the money without waiting for 50 yrs which estimated to be in 2034.
    And according to them ZNPF has run out funds and secondly it will cost about K7B if allowed to terminate naturally. They estimate that this move will cost about K5B. The rationale misses the time-value of money which K5B today is More than K7B in 2034.

  9. @8,9&10 praise singers, there is no mention of ZNPF anywhere is this article. Not even in HH campaign promises. ZNPF only appeared after some minister brought it as a clarification. I would not be surprised if HH tweets otherwise making the circus even more interesting. UPND should have a single spokesperson to avoid turning our country in to a laughing stoke. One moment the president says we have ended loadsheding in 9 months another moment the minister announces 6 hours of loadsheding.

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