NEW NAPSA BILL: President Hichilema Fulfills Campaign Promise; Workers To Have Partial Access To Pension Fund
President Hakainde Hichilema is delighted that one of his campaign promises has been fulfilled.
Shalala Oliver Sepiso writes
The Cabinet Meeting of Friday 14th October 2022 held at State House and chaired by President Hakainde Hichilema approved a Bill on the National Pension Scheme, which will actualise the UPND’s campaign promise and HH’s NAPSA Transformation Agenda going forward based on the ruling party’s manifesto.
The statement issued by Chief Government Spokesperson read:
“Cabinet also approved, in principle, the introduction of a Bill in Parliament to amend the National Pension Scheme Act No. 40 of 1996 so as to provide members of the Scheme an option to access part of the contributions before retirement.
“The New Dawn Administration has made a policy pronouncement on the need for a partial access to pension contributions by members of the National Pension Scheme through The President’s inaugural address to Parliament; the UPND Manifesto (2021-2026); and the 2022 Budget Speech, combined, as some of the policy documents that have pronounced the introduction of partial pension benefits.
“However, the National Pension Scheme Act No. 40 of 1996, in its current form, does not allow for the implementation of the policy pronouncement on partial access to pension contributions by members of the National Pension Scheme. Therefore, to implement this policy pronouncement, it is necessary for the National Pension Scheme Act No. 40 of 1996 to be amended. Cabinet is convinced that this is a good policy decision as it will allow employees to start planning for their retirement early enough.”
When I started writing about NAPSA reforms, this was one objective I felt needed to be met. I wanted to push for these NAPSA reforms and I will continue to push.
I have no doubt that the new DG Mr. Muyangwa Muyangwa is the right man to stir NAPSA to a better place where the pension fund is regulated, makes prudent investments, doesn’t plunder workers’ contributions and is not a place of corruption and cronyism. The submissions he and his board made to cabinet have yielded fruit.
What we need to see now is audits of those scandalous investments over the last few years, prosecution by ACC and DEC of erring NAPSA officials and happier workers who contribute to the fund.