Government has announced that over K9 billion has been paid as partial withdrawal benefits under the National Pensions Scheme Authority (NAPSA).
Labour and Social Security Minister, Brendah Tambatamba, said about 400,000 members were paid their partial withdrawal benefits.
She said the government had demonstrated its commitment towards pension reforms through the implementation of the pre-retirement benefits under NAPSA.
Tambatamba said this during the official launch of the Pensions Awareness Week in Lusaka on Monday.
She said this had also contributed to heightened economic activities
“This had enabled the members to achieve their aspirations such as investment in business, education, purchase of animals, construction of houses or shops amongst others,” Tambatamba said.
She added that government had further made a commitment to pay pensions promptly, within three months of retirement.
Tambatamba said this commitment had been demonstrated by the 2024 budget, with over K3.8 billion allocated to Public Service Fund and K400 million to the Local Authority Superannuation Fund for payment of pension.
“Government under President Hakainde Hichilema continues to make strides towards broad based transformative social security reforms with a view to establish a more comprehensive, responsive and sustainable pension system,” she said.
Tambatamba said this was to ensure decent livelihood for the working age population, the retirees and senior citizens.
She noted that low participation of workers in social security schemes not only leaves the working population susceptible to old age poverty and destitution but that it also puts fiscal pressure on the government through provision of welfare services.
“Government under the leadership of Hichilema attaches great importance to the pension sector, as it recognizes social security as a human right accordingly espoused by the Universal Declaration of Human Rights and the International Convention on Economic, Social and Cultural Rights,” Tambatamba said.
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