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Former University of Zambia Lecturers and Researchers Union (UNZALARU) president, Evans Lampi, says the National Pension Scheme Amendment Bill 2023, which was signed into law will expose the extent of non-compliance among employers.
President Hakainde Hichilema on Friday in Lusaka signed into law the National Pension Scheme Amendment Bill 2023 which allows National Authority Pension Scheme Authority (NAPSA) beneficiaries to partially withdrawal their benefits.
Lampi said in addition, the new law will also expose the extent and efficiency of NAPSA in enforcing penalties on defaulters.
He said even though the new law will allow beneficiaries to invest their money and create jobs, another consequence could be a flood of lawsuits from employees of organizations that will be found wanting.
“The partial payment to NAPSA members due to the newly signed NAPSA amendment law, will catch defaulting employers out,” Lampi said.
He said it has been generally known some employers including Government institutions are culprits of deducting NAPSA contributions without remitting them to NAPSA.
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Lampi said the liquidity of NAPSA and the returns from its “investments” are also likely to come under focused microscopic scrutiny.
“Banks who opposed the bill from the outset are probably already musing on the effect of the event as there favorite customers who they impose exorbitant interests may momentarily need their loans,” he said.
Lampi told Zambia Monitor on Tuesday in Lusaka that these loans have made workers slaves to banks for years.
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