President Hakainde Hichilema has cautioned pension funds against abusing workers contributions.
And the President says government remains consistent in reforming the Country’s pension system for the benefit of the workers.
Speaking when he graced this year’s Labour Day celebrations, President Hichilema said abusing pension funds to buy land and erecting buildings that yield less at the expense of other alternatives will not be allowed.
The Head of State said the reforms his administration will embark on will strive to address all the anomalies that have been taking place in the past that were perceived as normal in order to protect workers.
And President Hichilema said he will ensure that his campaign promise of allowing pensioners access to part of their money before retirement is actualized.
The theme for this year’s Labour Day is, “Accelerating Social Economic Transformation through Sustainable and Decent Job Creation Amidst COVID-19”
Speaking earlier, International Labour Organisation Country Director for Zambia, Malawi and Mozambique, Dr. George Okutho said the impact of the COVID-19 pandemic on the world of work has been beyond expectations, devastating and far-reaching.
Dr. Okutho said the pandemic caused losses in working hours translating into increased unemployment, inactivity and informality and has called on government to take actions that are inclusive, sustainable and resilient for a human-centered recovery from the COVID-19 crisis.
And Zambia Congress of Trade Unions President Chishimba Nkole has proposed for a balanced amendment to the National Health Insurance Scheme.
Meanwhile, Zambia Federation of Employers President Myra Ngoma implored government to put in place measurers that will urgently address the high cost of living.
Hope these are not just words for labor day.
A whole president threatening over things his Labour minister should be addressing. Very cheap
Warn them especially Saturnia & Regna
There I s more to restructure and target to reduce longevity risks for many Zambian workers .also teaching them stratergies on how to maximize pensions security allocation in. A changing and dynamic asset allocation stratergies The need to achieve a funded status of 100% multigenerational is key to achieve success and avoid any funding crisis for future It should be about how much should be saved where in what and how those are invested along in case of shortfalls and Impairments how the funds are restructured to decumurate in retirement GLides are some of the objectives and important considerations new stratergies in pensions trying to solve current defined pensions contribution methods because the risk of longevity is high for many low literate Zambian workers
Kaizar Zulu, a president a like a general manager, he can address any issue to influence any minister in a government, a thing that lacked in the former no wonder most of you were able to steal right in front of his eyes, the reason he said ubomba mwiyila alya mwiyibala, but mwi lalya ne mbuto… remember that, and thats how you got rich riding on the poors backs
Then you need to see the whole asset structures and align not simply pensions you are either increasing contribution and years in considerations to the Sellfies and Glides stratergies
It’s something that can be reformed to create more capital and funding for sectors Others have created soverigns wealthy funds from these pensions
Gone
Okay Thanks
Even without the proposed law to govern the partial payment, it is up to these pention houses to willingly give back to workers.
For a very long time insurance companies were profiteering in the same way until they introduced cash back.
I remember the scandalous saga of Regna Saturnia tempering with miners’ money by channeling funds to other ventures. These contributions never truly benefit workers
It could be a national pensions authority like napsa then those individuals SECTORIAL schemes well restructured and managed
It’s a national GDP or per capita to be than narrow and without productivity there could no meaningful incomes and savings for longevity risk profiles and GLides paths
Okay watching
How can you caution them instead of just getting rid of them the greedy Pension Fund Directors if you can…I mean look at the poor investments they have put money in and they salaries they have awarded themselves, last time I read they had invested in a golf course I take it many of them play golf.
It’s pensions n Investments Investments in accordance with policy n mandade You can have SECTORIAL like the eskom pensions and providend fund but you still need a mother of all like napsa it’s a national policy issue an social security nothing private and Gov acts to ensure that social security look at pensions Denmark Foreinstance etc it a about social security system in complementary to social csh transfer reducing this dependance
Okay for now
National