Contribute To Pension Houses-Simukoko

Labour Minister Joyce Simukoko has appealed to those in the informal sector, who do not contribute to pension houses to consider doing so.Mrs. Simukoko has since challenged the National Pensions Scheme Authority -NAPSA- to develop products that will attract the informal sector.She says Zambians need to change their non-saving culture so that they adequately prepare for old age.Mrs. Simukoko has called on Trade Unions and individuals employees to ensure their employers are remitting their contributions to pension houses every month.The Labour Minister was speaking during a meeting held in Lusaka with the NAPSA Board of Trustees whose three year tenure of office comes to an end on 31st May, 2020.Mrs. Simukoko congratulated the Board for their diligence and commitment to NAPSA.She noted some achievements of the Board such as growth of the Authority’s fund size from 23 billion Kwacha as at December 31, 2017 to 33 billion kwacha as at December 31, 2019Mrs. Simukoko said she was pleased that the Fund has continued on a positive growth trajectory despite the subdued economic environment.And, NAPSA Board Chairman Evans Chibiliti said NAPSA needs to develop into a Fund that is able to retain and grow the savings of the members.Mr. Chibiliti said the Scheme is  not providing the meaningful future economic security as contributions by members are constantly losing value due to deterioration in macroeconomic fundamentals.He said NAPSA must step up to the challenge of value preservation and enhancement in terms of the Pension Fund and future benefits to members. Post Views: 4
News Source: ZNBC