President Hakainde Hichilema has signed the National Pensions Scheme Bill which provides for an option to claim for one off-age benefits by a member under the prescribed minimum pensionable age of 36 under the existing fund.
Presidential Spokesperson, Anthony Bwalya, tells Byta FM News in a statement that the move is aimed at enhancing value for money for contributors under the existing fund.
He notes that the Act has also revised the penalty rate from 20-percent to 10-percent for delayed contributions, adding that it also provides for a waiver of penalties arising from delayed payment of contributions.
Bwalya says Hichilema’s accenting of the Bill is a fulfillment of a commitment made prior to forming government in 2021 to undertake cross cutting NAPSA reforms. This is contained in a report published by Byta FM.