President Hichilema Approves Revisions To National Pension Scheme

Yesterday, President Hakainde Hichilema approved the National Pension Scheme Bill.

 The law will allow a one off-age benefit by a subscriber under the age of 36 under the existing funds.

The bill has also reviewed the penalty rate for delayed contributions, which has now changed from 20% to 10%.

The revision also offers a waiver of penalties arising from delayed payments.

A press release by Anthony Bwalya, Presidential Spokesperson, said: “The move by the Head of State is a fulfilment of the United Party for National Development UPNDs 2021 election campaign promise to undertake crosscutting reforms at the National Pension Scheme NAPSA and enhance value for money for the contributors.”

The bill was initially presented to the National Assembly in October 2022 and was approved by the President yesterday.