By Staff Writer
President Hakainde Hichilema has assented to the National Pension Scheme (NAPSA) Bill which provides for an option to claim for one off-age benefits by a member under the prescribed minimum pensionable age of thirty-six under the existing fund.
Presidential spokesperson Anthony Bwalya said President Hichilema’s assenting to the National Pension Scheme Bill is a fulfillment of the UPND’s 2021 elections’ campaign commitment to undertake crosscutting NAPSA reforms, to enhance value for money for contributors under the existing fund.
“The Bill has also revised the penalty rate from 20 percent to 10 percent for delayed payment of contributions and provides for a waiver of penalties arising from delayed payment of contributions,” he said.
The Bill provides an option for partial withdrawal of benefits by a member.
President Hichilema said the Bill has also revised the penalty rate from twenty percent to ten percent for delayed payment of contributions.
He also said it provides for a waiver of penalties arising from delayed payment of contributions.
‘’This was part of our campaign commitments that will enable employees to start investing part of their pension funds early in their working lives.’’
