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The government has called on employers to ensure their workforce understood the importance of pension schemes, emphasising that these savings were essential for financial stability in retirement.
Speaking at the launch of Pension Awareness Week at Southern Sun Hotel in Lusaka, Labour and Social Security Minister, Brenda Tambatamba, underscored the role of pension contributions in reducing old-age poverty and promoting economic growth.
Tambatamba noted that contributions to pension schemes support long-term investments, benefiting businesses, creating jobs and boosting the economy.
“Encouraging individuals to save for their future through pension schemes fosters a culture of financial responsibility and freedom. A robust pension system impacts not only personal security but also the nation’s economic stability,” she said.
Tambatamba urged employers to actively help employees understand their pension benefits, building a culture of retirement readiness across the country.
Pensions and Insurance Authority (PIA) Board Chairperson, Peter Banda, echoed these sentiments, affirming the authority’s commitment to regulating and promoting the pension industry.
He highlighted ongoing pension reforms aimed at expanding coverage, especially to the informal sector.
PIA Registrar and Chief Executive Officer, Namakau Ntini, reported that the private pension industry continued to grow, with net asset value rising to K18.28 billion by June 30, 2024, from K17.63 billion at the end of March this year.
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