PRESIDENT HICHILEMA ASSENTS TO NATIONAL PENSION SCHEME BILL

The Bill provides for an option for eligible individuals on the NAPSA scheme to claim for one off – age benefits.

In a brief statement, Presidential Spokesperson Anthony Bwalya says the President’s decision is a fulfilment of the United Party for National Development’s (UPND) 2021 election campaign commitment of undertaking crosscutting NAPSA reforms in order to enhance value for money for those contributing under the existing fund.

Further, Mr. Bwalya says the bill has also revised the penalty rate from twenty percent to ten percent for delayed payment of contributions and provides for a waiver of penalties arising from delayed payment of contributions.