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The government has reportedly released K200 million towards the capitalisation of the Local Authorities Superannuation Fund (LASF), part of a broader initiative to dismantle pension arrears and guarantee timely benefits for retirees.
Local Government and Rural Development Minister, Gift Sialubalo, announced the funding on Wednesday during the launch of the LASF 2024–2026 Strategic Plan at Lusaka’s Mkango Golf View Hotel.
Sialubalo said the disbursement was part of the K400 million allocated in this year’s budget, bringing total government support to LASF since 2017 to K1.6 billion.
He stressed that the capitalisation underscored government’s commitment to protecting the welfare of workers who dedicated their lives to public service.
“This programme shows that pension reforms are not just policy pronouncements but actions backed by resources. Pensions are not a privilege; they are a right earned through years of service. We must therefore administer them with fairness, urgency, and compassion,” Sialubalo said.
The Minister explained that the new Strategic Plan aligned with the Eighth National Development Plan (8NDP) and aims to modernise Zambia’s pension system.
Among its priorities are dismantling arrears, reducing the waiting period for pension benefits to three months in line with the Presidential directive, reviewing the LASF Act to expand membership, and strengthening governance to boost transparency and accountability.
“I wish to urge the LASF Board, management, unions, employers, regulators, and other stakeholders to play their part in ensuring the success of the reforms,” he added.
Sialubalo concluded by launching the Strategic Plan, describing it as the beginning of “a new era of efficiency, transparency, and sustainability where every retiree can look to the future with hope and dignity.”
The event was attended by senior government officials, representatives from NAPSA, PSPF, the Pensions and Insurance Authority (PIA), labour unions, and other stakeholders.
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