NUMAW LAUDS PENSION REFORMS
PARTIAL access to pension benefits will enable beneficiaries to invest their benefits in various sectors of the economy whilst they are still in formal employment, National Union of Miners and Allied Workers (NUMAW) President Saul Simujika has said.
Mr Simujika said the union has been an advocate of pension reforms, which include workers having partial access to the pension benefits before they can retire because the beneficiaries will be in the right flame of mind to plan properly and make a right decision on which sector or business to invest in.
Mr Simujika was reacting to the government's decision to amend the National Pension Scheme Authority (NAPSA) Act No 40 of 1996 which would enable beneficiaries have access to their money and invest it.
Last week, Chief Government Spokesperson Chushi Kasanda announced that in the last sitting, cabinet approved in principle, the introduction of a Bill in Parliament to amend the National Pension Scheme Authority Act No 40 of 1996 so as to provide members of the Scheme an option to access part of the contributions before retirement
Mr Simujika said it was gratifying to note that government was already taking significant steps to implement the pension reforms which included workers having a partial access to the pension benefits before they can retire.
"Well, what I can say is that as NUMAW, we have been advocates for pension reforms which include having partial access to pension benefits because we believe that if partial benefits are given to a beneficiary before retirement, he or she will be in a right flame of mind unlike when it is given at a time of retirement.
"What I mean is that, he or she will plan properly and make a right decision on which sector or business to invest in,” he said.
Mr Simujika said the union was impressed that the implementations of the pension reforms had started barely six months after President Hakainde Hichilema had hinted on pension reforms that would enable the workers access part of their money to invest in business and build homes for themselves.