Africa-Press – Zambia. On Tuesday, 6th December 2022, President Hakainde Hichilema issued a celebratory statement that he had assented to a Bill coming into law that would allow for a member of the National Pension Scheme Authority (NAPSA) to access partial benefits. The information was totally wrong!
The President had assented to an amendment to the National Pension Scheme Authority Act to provide for members of the previous pension fund, the fore-runner, the Zambia National Pension Fund(ZNFU), for obe-off access their benefits at age 36years from 50 years.
The amendments also provided for a reduction in penalties to be paid for delayed submission of contributions from 20% to 10%, and the Minister’s powers to prescribe or provide for such waivers through a Statutory Instrument.
The announcement with false information forced both the Minister of Labour and Social Security, Hon. Brenda Mwika Tambatamba and NAPSA Managing Director, Muyangwa Muyangwa to promptly issue statements to literally correct the President!
The fact is that the amendment to the NAPSA Act to provide for partial withdrawal of benefits by members is being developed and has not been approved by Parliament!
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