{"id":37396,"date":"2023-01-13T15:11:15","date_gmt":"2023-01-13T15:11:15","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning"},"modified":"2023-01-13T16:39:28","modified_gmt":"2023-01-13T16:39:28","slug":"pension-for-construction-workers-encourages-financial-planning","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning","title":{"rendered":"Pension for construction workers encourages financial planning"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>January is when children return to school and parents are back on their grind after yet another extensive spending festive season. This is also when the harsh reality of personal financial situations sets in and people are left to try and balance budgets just to reach month-end. This is also an ideal time of reflection about financial futures.<\/p>\n

\u201cAs one becomes acutely aware of one\u2019s finances, it is also a good time to review how one manages one\u2019s hard-earned income,\u201d said Enwich Kazondu, principal officer of the Namibia Building Workers Pension Fund (NBWPF).<\/p>\n

\u201cObviously, from our perspective, we would always highlight the importance of saving money for one\u2019s retirement, but we are also aware people are struggling to make ends meet on a day-to-day basis, let alone putting money aside for many years down the line.<\/p>\n

\u201cFor that reason, we will be supporting current and potential members throughout the year to increase their financial understanding,\u201d said Kazondu.<\/p>\n

He added that it is a general trend that in an environment where a very large percentage of the population is unemployed or underemployed, that one income often supports many members of an extended family. Thus, immediate financial demands override the importance of saving for retirement.<\/p>\n

Kazondu noted that it is therefore critical to focus on personal financial planning. \u201cEveryone needs to be made aware as to how important it is to establish a realistic budget that clearly looks at one\u2019s income and balanced related spending. Equally important is to understand which outstanding debts are to be paid and after consolidation, to include that into one\u2019s budget.\u201d<\/p>\n

He said, ideally, every budget<\/p>\n

should make scope for savings for unforeseen circumstances that can occur at any time. However, Kazondu emphasised that it remains important to put money aside for many years later when one is no longer in the position to earn an income. He explained that initially, it can only be a small percentage of income, which can then be increased over time as financial positions improve. One important element is to remember, that the employer also makes a contribution, which essentially increases the financial rewards and that with every payment, tax liabilities reduce.<\/p>\n

Said Kazondu: \u201cPutting money aside for when we are older and more fragile and vulnerable allows us to be far better off if we can at least be financially independent. Ideally, we should not put ourselves into the position where our family has to take care of us in the future, especially if we consider the current high level of youth unemployment. It is therefore really important that we try and spend less now and make some financial sacrifices in order to have a better future.\u201d<\/p>\n

\u201cThis year, we will once again have several initiatives such as the annual roadshow and training interventions to increase our members\u2019 financial acumen to change behaviour. Even though employers in our industry are legally obliged to register their workers with a pension fund, it also remains important to change sentiments and attitudes of those that will be benefitting from future retirement investments.\u201d<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. January is when children return to school and parents are back on their grind after yet another extensive spending festive season. This is also when the harsh reality of personal financial situations sets in and people are left to try and balance budgets just to reach month-end. This is also an ideal […]<\/p>\n","protected":false},"author":84,"featured_media":37395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[234,236,233],"class_list":["post-37396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nPension for construction workers encourages financial planning - Namibia<\/title>\n<meta name=\"description\" content=\"January is when children return to school and parents are back on their grind after yet another extensive spending festi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension for construction workers encourages financial planning\" \/>\n<meta property=\"og:description\" content=\"January is when children return to school and parents are back on their grind after yet another extensive spending festi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-13T15:11:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-13T16:39:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/01\/postQueueImg_1673610086.17.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"491\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Pension for construction workers encourages financial planning\",\"datePublished\":\"2023-01-13T15:11:15+00:00\",\"dateModified\":\"2023-01-13T16:39:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning\"},\"wordCount\":533,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/01\/postQueueImg_1673610086.17.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"community\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-for-construction-workers-encourages-financial-planning\",\"name\":\"Pension for construction workers encourages financial planning - 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