Q FM Africa's Modern Radio
The Pensions and Insurance Authority (PIA) has noted with concern the increase in pension contribution arrears by some employers to the detriment of employees.
PIA Communications Manager Doreen Kambanganji says while most pension schemes have performed fairly well during the Covid-19 pandemic, a few have been adversely affected especially in the tourism and hospitality industry and education sector.
Mrs Kambanganji says the authority has since engaged affected pension schemes in an effort to minimize the impact on affected pension scheme members.
She however, states that in terms of overall performance, the pensions industry registered an increase on a year-to-year basis, as pension net assets increased by K1.41 billion from K8.51 billion as at 30th June, 2020 to K9.92 billion as at 30th June 2021 representing an increase of 16.57%.
Mrs. Kambanganji adds that total investment income increased to K443.38 million as at 30th June, 2021 from K345.42 million as at 31st March 2021 representing an increase of 28.36% which has been attributed to positive performances of the local government bonds, treasury bills and the local and offshore equity investments.