50% WOULD MAKE SENSE 20% WILL BE TOO LITTLE AS PARTIAL WITHDRAWAL FROM NAPSA – SIPALO
“You’ll only access your partial benefits ONCE before retirement, and that’s 20%, says govt,
In an interview, Tambatamba explained that members would only be eligible to access 20 percent of their benefits after contributing for five years.”
Credit: News Diggers.
Funso,
What is 20%?
I know praise singers like my good friend Kobe Mubanga will blindly support and celebrate without making any research or calculations to understand the 20%.
What this simply means is that,if one gets a K5,000 as a salary per month his NAPSA monthly contribution at 5% is K250,in a year its K3,000 in 5 years the contribution comes to K15,000.
Now what’s 20% of K15,000?
Calculate K250 (5% Monthly contribution)X 60 months(5 years) that’s K15,000 X 20%(NAPSA partial payment)=K3,000…
So if your salary is K5,000 in 5 years you will get K3,000 plus another 3 pin from your employers.
What can one do with a 6 pin looking at our current cost of living?.
It’s better NAPSA put options for the beneficiaries to choose from,starting with a minimum of 20% to 50% as per requirement.
To me this 20% partial payment is too little looking at monthly salaries of average Zambians,mind you others get lower than 5 pin per month.
Meanwhile dstv prices must fall.
Economic konvict,
Thomas Sipalo,
#KomboniPresident