Minister of Labour and Social Security Brenda Tambatamba says about K11 billion is available for partial withdraw by 600,000 eligible National Pension Scheme Authority (NAPSA) contributors.
President Hakainde Hichilema on Monday signed into law the National Pension Scheme Amendment Bill 2023, which allows for the partial withdrawal of pensions.
The new law, which fulfils one of the major campaign promises of United Party for National Development (UPND), provides for persons who have at least 60 monthly contributions sitting on their NAPSA account or are aged 45 years and above to get a one-off access of 20 percent of their indexed contributions before retirement.
Despite NAPSA emphasising that claims should be made online, most of their offices countrywide were filled with people seeking to partially withdraw their pension benefits.
“The President promised to remove rigidity by ensuring that workers access their NAPSA contributions, and this is exactly what he has done”, She said.
This is contained in a report published by Zambia Daily Mail.