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The National Pension Scheme Authority (NAPSA) has reportedly paid K10 billion in pre-retirement benefits to 477,040 beneficiaries since 2023, according to authorities.
Ministry of Labour and Social Security Permanent Secretary, Zechariah Luhanga, claimed the government was refining pension schemes, with a Bill set to be tabled before Parliament following Cabinet’s reported approval in principle on January 30, 2025.
Luhanga made these remarks on Friday during the launch of the Zambia Institute of Human Resource Management (ZIHRM) Savings and Credit Cooperative Society Limited.
He stated that the cooperative aligns with the government’s decision to create investment and entrepreneurial opportunities for citizens.
“This initiative will encourage savings among members and promote entrepreneurship,” Luhanga reportedly said.
He also hinted at the possible reopening of the Local Authorities Superannuation Fund (LASF) and the Public Service Pensions Fund (PSPF) as occupational schemes to complement NAPSA.
“All those recruited after 2000 are not part of PSPF and LASF, hence the need to introduce them as occupational schemes while maintaining NAPSA for its intended purpose,” he stated.
Meanwhile, ZIHRM President Kelvin Shamizhinga emphasized professionalism in the human resource sector, stressing the importance of training.
“This launch marks a milestone for the institute as we seek to empower our members with financial opportunities that encourage savings, investment, and economic growth,” he said.
Shamizhinga also stated that apart from the cooperative, ZIHRM had introduced a Benevolent Fund to provide funeral grants and logistical support for its members.
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