Government Introduces Two Bills To Refine Social Security Schemes

The Ministry of Labour and social Security this morning held its first Tripartite Consultative Labour Council meeting this year, to address pressing labour issues.

Government, Employers, and Trade Unions held discussions on critical labour policies and workplace reforms.

As Government embarks on work place reforms Minister of Labour and Social Security, Brenda Mwika Tambatamba (MP) emphasized on the transformation of the informal economy to a formal economy.

Ms Tambatamba noted that, businesses in the informal economy operate without proper licenses and do not comply with regulatory requirements, and as a result, the workforce lacks access to social protection, fair wages and safe working conditions.

Highlights;

The TCLC meeting focused on Social Protection, the discussion of the Health and Safety Association Bill, An update on the Employment Code Act Amendments and the Resolutions of the 51st African Regional Labour Administration Council meeting (ARLAC)

Government will undertake pension reforms to address deficiencies in the design, financing, administration and Supervision of the Schemes.

The reforms will provide an opportunity for the Pension Industry to address changes in the pension sector and improve on ways of doing business.

Government will see to it that Pension Houses undertake strategic investments that will expand members’ benefits and economic development.

A new Pensions and Insurance Authority Bill has been introduced to prolong the lifespan of the Pensions and Insurance Authority as an entity.

The Bill also provides for the establishment of Pensions and Insurance Tribunal, which will speedily resolve disputes between public and private entities.

The Pension Scheme Regulation Bill provides for the inclusion of the Supervision of the Public Pension Schemes and the establishment of the Pension Protection Fund.

The Workers’ Compensation Bill seeks to modernize and harmonise the Workers Compensation Fund, improve benefits as well as extend cover to the informal sector and Public Service employees, and will repeal the Workers compensation Act no.10 of 1999.

Government reiterated its commitment to see to it that pensioners have sufficient retirement income.

The Social Security Bills will be tabled before Parliament soon.