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).
I think the best way to go about this is to restrict this access to pension funds. My proposal is that NAPSA should put conditions like whoever contributes to the scheme for say 60 months should qualify for a mortgage guaranteed by NAPSA. Zambia National Building Society or indeed any other financier should facilitate the construction of the member’s dwelling house with a mortgage guaranteed by NAPSA. Otherwise if funds are made available, most Zambians lose their minds over money and they’ll end up destitute upon retirement because they would’ve spent their pension on women and beer. Some women will leave their husbands because there’s nothing to wait for. We’re a country majority brainless id1ots
just keep quiet when men are talking bwana
I agree with Mr. Duncan Kangwa Ia m sure the old man is talking from personal experience because money is very tempting and some people stop thinking immediately they posses it. NAPSA should come up with some financial counselling seminars for would be beneficiaries otherwise they create another of group of well do do people for a few months and many destitutes in the long term. The proposal is very noble but the behavior of those to benefit I still remember during FTJ regime people got offered houses as seating tenants at all most not cost at the end of the day people sold houses and enjoyed high life for a few months now most of them are destitutes or have passed on due to depression.
When am working, I receive a car, house or it’s equivalent allowance and other benefits. I retire, all is gone and the real me is laid bare.
If while in employment I can access money in this manner I can be empowered than having pensions houses loan me that pension money with interest and having that same pension used as collateral.
This partial pension payout is more than welcome.
It was one of their preelection campaign messages.
@1
It doesn’t make sense what you are talking,
What is the difference?
1. Retiree if they don’t get their benefits in time?
2. Retirement age is too high?
3. If you look most people die early before even reaching the retirement age
4. A lot of retirees have died with getting their money, the children remained behind have also struggled to get the money, they have even surrendered?
Conclusion for me it’s wise to introduce this system?
Thanks
For me it is a welcome idea. I am a retiree getting K4000 in this modern society. Life is hard, what type of living can you make from this staggering monthly earning of K4000. Let the government implement the pre-withdrawal of the benefits, and save retirees from the looming perpetual stress.
Enough is enough. ACT NOW we are tired of the same old stories.