Zambia

Government makes progress on the Partial Withdrawal of NAPSA Contributions

Government Makes Progress On The Partial Withdrawal Of Napsa Contributions

Government makes progress on the Partial Withdrawal of NAPSA Contributions

The government says it has reached an advanced stage in undertaking consultations regarding the review of the National Pension Scheme Authority (NAPSA) Act.

Minister of Labour and Social Security, Brenda Tambatamba, says a road map on the review of the NAPSA Act has already been developed and assured regular updates on the process.

Ms Tambatamba was speaking during the opening of the Tripartite Consultative Labour Council in Lusaka today.

She stated that international best practices are being studied to be used as benchmarks in carrying out the review.

“On the ongoing debate on the accessibility of pension funds, I am happy to mention that we have made remarkable progress. A road map has so far been developed on review of the NAPSA Act and discussions have reached an advanced stage benchmarking lessons from within, the region and abroad,” she said.

Ms Tambatamba further said the investment projects NAPSA has been undertaking will make the institution more viable so as to provide decent pensions for members.

“I took time to understand how NAPSA operates by undertaking a familiarization tour of the projects in Livingstone. This was to ensure that value enhancement investments are secured and the return of investment yield results that will enable members get meaningful pension benefits in a timely manner and sustainably for a lifetime,” she said.

She also addressed the issue of labour migration, which she said is becoming a breeding ground for ills such as human trafficking.

Ms Tambatamba has advised that seeking greener pastures abroad should be done within the confines of the law.

“This issue is now becoming alarming especially to our girls aged between 18 and 25 years who are finding job opportunities using various social media platforms. To you young girls and ladies, your safety matters whether here in Zambia or not,” she said.

The minister added that tripartite consultations with stakeholders on labour matters will help address common challenges the sector is facing.

Speaking at the same event, Zambia Federation of Employers (ZFE), Vice president, Kennedy Njamba, expressed concern with what he termed as illegal strikes by workers.

Mr. Njamba said employees should consider the cost of production before demanding for salary increments.

Meanwhile, Zambia Congress of Trade Unions (ZCTU) president, Chishimba Nkole commended government for reducing the rate of inflation.

Mr. Nkole however, called on government to implement policies that will help bring down the high cost of living.

Source – Lusakatimes.com

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