The National Pension Scheme (NAPSA) Bill, which gives members who are younger than the minimum pensionable age of 36 under the current fund the option to claim one off-age benefit, has received the president’s assent.
According to presidential spokesperson Anthony Bwalya, President Hichilema’s assent to the National Pension Scheme Bill fulfills the United Party for National Development’s (UPND) commitment to implement comprehensive NAPSA reforms in order to improve value for money for contributors under the existing fund, which was made during the party’s campaign for the 2021 elections.
“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.
Additionally, President Hichilema said in a Facebook post that the Bill gives members the opportunity to withdraw some of their benefits.
According to him, the penalty rate for late contributions payments has been reduced from 20% to 10% under the Bill.
Additionally, it allows for the waiver of fines associated with late contributions payments.
The ability to start investing some of their pension funds early in their working lives was one of our campaign commitments, he wrote.