Pensions Awareness Week Launch

Hon. Brenda Tambatamba, Minister of Labour and Social Security, launched the 2024 Pensions Awareness Week at the Southern Sun Hotel in Lusaka under the theme, “Empower Your Future: Dignify Your Retirement with a Pension.” The event aims to raise awareness on the importance of retirement planning and financial security for a dignified life in retirement.
Key points highlighted by the Minister include:
• Government’s Commitment to Financial Security: The Government through the Ministry reaffirms its commitment to expanding pension access for all Zambians and aligning with the National Financial Inclusion Strategy (2024-2028) to provide a broad range of quality financial products and services.
• Economic Impact of Pensions: Pensions are essential not only for individual security but also for national economic stability. Employer and employee contributions to pension schemes support long-term investments, job creation, and economic growth.
• Ongoing Pension Reforms: Recent reforms include the National Pension Scheme (Penalty Waiver) Regulations, 2024, which provide relief for employers with accrued penalties, and the introduction of a partial withdrawal benefit, allowing citizens to invest in their retirement earlier.
• Inclusivity and Sustainability: The government is focused on creating a more comprehensive, responsive, and sustainable pension system that serves the needs of both the formal and informal sectors, emphasizing the importance of equitable pension systems for all citizens.
• Call to Action: Employers are encouraged to support employees in understanding their pension benefits, fostering a culture of financial security and retirement readiness across Zambia.
The Minister concluded by acknowledging the efforts of the Pensions and Insurance Authority, the Zambia Association of Pension Funds, and other pension service providers in promoting financial literacy and inclusion. The Pensions Awareness Week will be a platform for stakeholders to discuss challenges and opportunities within Zambia’s pension system.

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