Govt wants NAPSA’s pension scheme extended to employees

Labour and Social Security Minister Fackson Shamenda

Labour and Social Security Minister Fackson Shamenda has reaffirmed government’s commitment to ensure the country’s pension Scheme does not remain a preserve for a privileged few.

Mr. Shamenda says government wants to ensure the pension scheme by the National Pension Scheme Authority (NAPSA) extend beyond employees in the formal sector.

He says government has noted that in some Countries it is actually the informal sector that is the real economy.

Mr. Shamenda says it is for this reason that President Edgar Lungu has called for a pension scheme that will carter for everyone for as long as they are prepared to work.

He states that government intends to realign the pension scheme’s penalties with the policy lending rate set by the Bank of Zambia (BoZ).

Mr. Shamenda government wants to make these penalties reasonable by coming up with a law by February next year.

He was speaking at a farewell meeting for trustees of the NAPSA Board whose three years tenure has this month come to an end.