PIA supports increase in retirement age by govt

The Pensions and Insurance Authority (PIA) says there is nothing Sinister about the increase in retirement age by the government.

PIA Manager for Pensions Goodson Kasoso says the authority supports the move taken by government to increase the retirement age from 55 to 65 saying it will benefit retirees immensely.

Speaking at the just ended Bank of Zambia Financial Literacy week media workshop in Chisamba, Mr.Kasoso states that even if people retire at 55, it is tricky for them to venture into entrepreneurship.

He says studies have shown that the best age to venture into entrepreneurship is below the age of 30.

Mr. Kasoso states that it is better people retire at the age of 65 instead of 55.

He adds that those opposing the move should understand that is aimed at helping retirees and not to frustrate them.

Mr. Kasoso has since advised stakeholders to support the decision by government to increase the retirement age saying it is done in the best interest of the nation.