Q FM Africa's Modern Radio
US based Zambian academician Henry Kyambalesa says Zambia’s retirement age can be more realistic if it is linked to the country’s life expectancy.
Mr. Kyambalesa has observed that the restructured retirement ages for the country of 55 years for early retirement, 60 years for Normal retirement and 65 years for late retirement are unacceptable because they are above people’s life expectancy that is currently between 48 and 56 years.
He has told Qfm News in a statement that he thinks that realistic retirement options for Zambian employees should have been 45 years old, or 25 years of service – early retirement; 50 years old, or 30 years of service – normal retirement; and 55 years old, or 35 years of service – late retirement.
Mr. Kyambalesa states that there is also need for Parliament to enact legislation designed to make retirement benefits payable within 60 days from a retiree’s last date of work.
He suggests that this legislation should also provide that the benefits of a retiree not paid within this period should fetch 5% interest per month.
The US based Zambian academician notes that delayed payment of retirement benefits has made some retired citizens to re-enter the job market as part-time workers to earn a living while they await the disbursement of their benefits, while others have died before they are paid their benefits.
He says there is need therefore for the National Pension Scheme Authority (NAPSA) to find viable ways and means of reducing marketing, public relations and administrative costs, and to seek low-cost suppliers of machinery, equipment, sub-contracted services, office fixtures and supplies.