Amendments To National Pension Bill Will Allow More Flexibility To Invest Funds

The New Dawn government have announced that changes to the National Pension Bill will allow more flexibility for pensioners to partially withdraw funds to invest in various businesses.

Gift Hajongola, the Zimba District Administrative Officer, said that the amendment will help retired individuals meet their basic needs.

He also said that the partial investments will help generate more income for individuals which they can utilise when they retire.

Mr Hajongola outlined that the changes will also have benefits to the wider economy with more investment creating employment opportunities and economic growth.

He stated, “The Amendment Bill is important because once it is passed by Parliament it will give people an option of partial withdrawal for specific purposes including investment in businesses.”

Further, “People will venture in various income generating activities thereby reducing poverty, especially at household level.”

The ability to take out funds has been welcomed by various stakeholders including trade union leaders, politicians, civil society, non-governmental organisations and the church.

The amendments represent a major step forward by the New Dawn government to implement beneficial pension reforms.