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The Workers’ Compensation Fund Control Board has reportedly expanded its fund from K3.74 billion in 2022 to K5.14 billion in 2024, with the goal of enhancing compensation services for employees who suffer injury or illness during their course of work.
This 37.6 percent growth of the fund follows a decision by the Workers’ Compensation Fund Control Board to realign the Work Injury Scheme’s strategic plan to ensure it aligns with the Government’s transformation agenda.
Minister of Labour and Social Security, Brenda Mwika Tambatamba (MP), reportedly announced this during a farewell dinner in honor of the outgoing Workers’ Compensation Fund Control Board (WCFCB) for its achievements in Lusaka.
Tambatamba claimed the government’s target is to ensure that the Workers’ Compensation systems promote the payment of statutory contributions by employers and compensation for workers who become disabled in the course of their duty.
She emphasized that employees are the backbone of every institution, as they drive productivity, innovation, and growth, adding that their well-being and safety must be prioritized.
She pointed out that workplace injuries disrupt lives and create financial burdens for both employees and employers.
“The Government will implement policies that seek to deliver a well-functioning social security system to the people of Zambia, by reforming the social protection sector in order to achieve increased compensation benefits,” Tambatamba stated.
She also claimed these reforms would seek to achieve financial sustainability and affordability in social protection, with specific investment mandates aimed at avoiding white elephant projects that do not benefit the intended beneficiaries.
Other intended policies reportedly include efforts to achieve administrative efficiency to minimize scheme running costs and the diversification of compensation benefits.
Tambatamba further emphasized the need to extend coverage under the scheme to workers in the informal economy, noting that the government recognizes the social security system as a key driver of economic development.
“The government seeks to see to it that workplace safety is enhanced by preventing and reducing accidents and fatalities, ensuring that contributions are affordable, and guaranteeing long-term, quality medical and financial support for seriously injured workers,” she said.
Tambatamba also stated that the government aims to simplify processes for injured workers and employers to access services provided by the Workers Compensation Fund Control Board.
WCFCB Chairperson, Emmanuel Mbambiko, stated that to achieve the 37.6 percent growth, the board had to transform itself into a visible brand and strategically position itself in the market by investing K200 million through public-private partnership road projects.
He cited key projects such as the Chingola-Kasumbalesa road and the Lusaka-Ndola dual carriageway.
“Other investment projects implemented by the board include the acquisition of 5 percent shares in United Capital Fertilizers to support agricultural development in line with the government’s vision of making Zambia the regional food basket,” Mbambiko said.
He also claimed the investment portfolio included a US$50 million corporate debt investment in an integrated phosphate mining and mono ammonium phosphate manufacturing project, the acquisition of land for the Kasempa shopping mall, and investments in a solar power plant and hotels in Chinsali and Kasama.
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