Since the start of the 20% partial withdrawal last week, the National Pensions Scheme Authority, or NAPSA, has distributed around 12.4 million Kwacha to 303 individuals.
Following President HAKAINDE HICHLEMA’s signature on the NAPSA Amendment Bill 2023, the action was taken.
However, given that the procedure is online, NAPSA Director General MUYANGWA MUYANGWA claims that the amount of withdrawals keeps fluctuating.
According to Mr. MUYANGWA, beneficiaries’ withdrawals are tax-free because pensions aren’t subject to taxes.
Mr. MUYANGWA stated that the 20% partial withdrawal plan will allow NAPSA members to access some of their funds instead of applying for bank loans during an appearance on ZNBC’s Sunday interview Program.
Additionally, he revealed that the authority has set aside roughly 5.4 billion Kwacha to pay out to the beneficiaries, showing that it is capable of carrying out all of its duties under the partial withdrawal of pensions.
The authority has a master list of people who are qualified to get benefits from the project, according to Mr. MUYANGWA, who also stated that those who do not submit claims will be contacted.
He claimed that because NAPSA is financially stable and can continue operations in terms of pension payments, it won’t be destroyed by the withdrawals.
He claimed that in addition to working with participants in the banking industry, the authority is assisting in the smooth operation of withdraw transactions.