The National Pension Scheme Authority (NAPSA) has disbursed an impressive K8.7 billion to more than four hundred thousand beneficiaries as part of the pre-retirement lump-sum benefit program. This significant financial assistance was revealed during the launch of NAPSA’s 2022 to 2023 strategic plan in Lusaka.
Brenda Tambatamba, the Minister of Labour and Social Security, announced this milestone during the event. She highlighted the launch of the strategic plan as a clear indication of the government’s unwavering commitment to the continuous improvement and transformation of the social security system in Zambia.
The pre-retirement lump-sum benefit program aims to provide crucial financial support to individuals as they approach retirement, offering them a measure of financial security during their post-retirement years. NAPSA’s commitment to disbursing K8.7 billion to over four hundred thousand beneficiaries underscores its dedication to safeguarding the financial well-being of Zambians.
Shipango Muteto, Chairperson of the NAPSA Board of Trustees, revealed the authority’s ambitious goals for the strategic period. NAPSA aims to significantly increase its fund size to reach One hundred billion Kwacha by the conclusion of the strategic plan. This expansion of funds will empower NAPSA to further strengthen its financial stability and enhance its ability to meet the social security needs of its members.
Mr. Muteto also outlined NAPSA’s objective to expand its membership base, with a target of approximately six hundred and seventy thousand members from both the informal and formal sectors by the year 2026. This strategic growth initiative will extend the benefits of NAPSA’s programs to a broader segment of the population, fostering greater financial security among Zambians.
Furthermore, Muyangwa Muyangwa, Director General of NAPSA, reassured eligible beneficiaries that funds are readily available for partial withdrawals. This flexibility in accessing funds ensures that members can utilize their savings when needed, providing a safety net for unexpected financial challenges.