Africa-Press – Zambia. The Zambia National Pensioners Association (ZANAPA) Kasempa district branch has commended the government for the pension reforms that it has proposed. The pension reforms are aimed at enhancing social insurance in the country.
ZANAPA District Branch Chairperson, Duncan Kangwa, said the proposed pension reforms by the United Party for National Development (UPND) administration are welcome.
“The proposed pre-retirement partial withdrawal of benefits is a welcome idea as we are heading towards development,” Mr. Kangwa added.
He disclosed that once the proposed pension reforms are implemented, employees will be able to create other streams of income. Mr. Kangwa however cautioned the would-be beneficiaries to avoid withdrawing their benefits to spend on luxuries.
“Invest in a good project so that when you finally retire you might invest in projects that will be giving you additional income,” he advised. Mr. Kangwa observed that the economic statuses of workers would have been better but now if such reforms were implemented earlier.
“Most of us retirees are only depending on the one third we left. We pay water and electricity bills from the same one third, life is very difficult for the retired person,” he said. Mr. Kangwa further disclosed that the partial withdrawal of one’s own earnings is a very good proposal.
Government, through the Ministry of Labour and Social Security, has proposed to introduce pre-retirement partial withdrawal of benefits under the National Pension Scheme Authority (NAPSA).
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