PENSIONERS'S FUNDS UNFAIRNESS
Written by Millennium on July 7, 2019
I am a senior citizen surviving on a small pension.
I have read many articles on pension fund institutions in your newspaper, but mostly these articles are on Saturnia.
I wonder why you’ve never mentioned NAPSA. I am appealing to the NAPSA board to immediately do an upward of its monthly pension amount to at least the level of the GRZ lowest salary.
The formula NAPSA currently uses to calculate the lowest monthly pension is very unfair.
I make this proposal on behalf of all those of us senior citizens who retire from private (especially Asian) companies where there are no lump sum terminal benefits, but only renewable contracts, with very low gratuity- in some cases this is only two months’ salary as gratuity.
I am sure the NAPSA monthly pension formula does not include the receipts from the many investments it has made using our contributions.
Apart from GRZ, very few private Zambian companies these days employ on permanent basis with a lump sum terminal benefits when one retires.
The minister of labour should also take note and change the NAPSA Act accordingly through Parliament.
At the time of the privatisation programme, the same selfishness was exhibited by those who managed the programme.
This resulted in thousands of Zambian workers being left jobless and destitutes.
The same selfishness is being exhibited in the NAPSA Act. Those with the power today should remember that they too will one day retire.
Please do unto others as you would want them do unto you.