Editor's Picks Human Interest Local News

Governance Expert applauds release of funds to pay out retirees

• Every well-meaning Zambian should be in full support of this move.
• Retirees have for a long time been waiting to get their dues.
• Although the released amount is not enough to pay all the retirees, the move is a step in the right direction.

A Governance Expert has applauded Ministry of Finance for releasing funds for paying other retirees and other expenditures in January 2023.
Speaking in an interview with Money FM News, Wesley Miyanda said every well-meaning Zambian should be in full support of this move because retirees have for a long time been waiting to get their dues.
Mr. Miyanda noted that some of the beneficiaries retired as way back as 1991 and successive governments have come and gone without looking at their plights despite their tremendous contributions to various sectors of the economy.
“Government has all the reasons to attach a lot of importance to the issue of paying our men and women who rendered tremendous contributions through valid services to various sectors of our economy, but have since retired. Unfortunately many of these retirees have passed on without enjoying their benefits. The past administrations have not done much in terms of addressing the issue of retirees.”
“Nonetheless, I wish to applaud the current government through the Ministry of Finance for the step taken to release the funds for paying out retirees and other expenditures,” Mr. Miyanda stated.
He added that although the released amount is not enough to pay all the retirees, the move is a step in the right direction.
According to Finance Minister Dr. Situmbeko Musokotwane, out of the K2.4 billion released in January towards transfers and subsidies, notable expenditure items included K635.6 million for Public Service Pension Fund (PSPF) financing gap and grant, K111.6 million for the Local Government Equalization Fund to support operations of local councils, and K100 million for the Local Authorities Superannuation Fund (LASF) to help pay dues to retired local authority workers.

Related posts

TFTA Ratification commended

Money FM

Zesco extends amnesty for consumers involved in illegal power connections

Money FM

South African Companies expected in Zambia next week.

Money FM

Leave a Comment