MINISTRY of Labour and Social Security Permanent Secretary Zechariah Luhanga says the National Pension Scheme Authority has paid K10 billion in pre-retirement benefits to 477, 040 beneficiaries since 2023.
Mr. Luhanga said Government is refining the pension schemes, and a Bill will be tabled before Parliament, following Cabinet’s approval in principle on January 30, 2025.
Mr. Luhanga was speaking when he launched the Zambia Institute of Human Resource Management (ZIHRM) Savings and Credit Cooperative Society Limited.
He said the formulation of the Savings and Credit Cooperative Society Limited, corresponds to the New Dawn Government’s decision to create investment and entrepreneurial opportunities for the citizenry.
The cooperative society, is aimed at encouraging saving among members, encourage individuals to engage in business ventures among others
“The role of Human Resource remains crucial in shaping and nurturing this workforce, ensuring that every individual is empowered to perform at their best in an environment where they feel valued,”Mr Luhanga said.
He implored ZIHRM president Kelvin Shamizhinga to see to it that more women are empowered.
Mr. Luhanga hinted of the re-opening of the Local Authorities Superannuation Fund (LASF) and Public Service Pensions Fund (PSPF) for public workers that will operate as occupational schemes fund to complement NAPSA.
“All those who were recruited after 2000 are not part of the PSPF and LASF hence the need to introduce them as Occupational Scheme while the NAPSA Scheme will be maintained for the purposes it was created for,” He explained.
Mr. Shamizhinga emphasized on professionalism through training human resource practitioners.
“This launch is yet another milestone in the history of the institute as we endeavour to empower our members with financial opportunities that encourage savings, investment and economic growth through the Zambia Institute of Human Resource Management savings and credit cooperative limited,” Mr. Shamizhinga said.
Mr Shamizhinga disclosed that apart from the Cooperative, the institute has also initiated a Benevolent Fund, which has been registered for easy access of funeral grant and other logistical support for ZIHRM members.
By PR Unit,
Ministry of Labour and Social Security
