Approval of NAPSA Bill elates teachers

• In its current form, the entire NAPSA is fashioned to increase poverty among teachers.
• All teachers from private and Government schools are utterly against the way their national pension authority is operating now.
• NAPSA members should partially withdraw 50% from their contribution.

National Action for Quality Education in Zambia (NAQEZ) says teachers across Zambia are elated that Cabinet has approved the National Pension Scheme Amendment Bill of 2023, for publication and introduction in Parliament.
NAQEZ Executive Director, Aaron Chansa told Money FM News that in its current form, the entire NAPSA is fashioned to increase poverty among teachers because it is unfair, counterproductive and meant to punish its members.
Mr. Chansa stated that the organization is hopeful that the pre – retirement benefits will not be pegged at 20% of one’s contributions to NAPSA, as 20% will be too little for most teachers to meaningfully invest or build decent houses.
“All teachers from private and Government schools are utterly against the way their national pension authority is operating now. There is no way that NAPSA can be crafted to deny retired teachers lump sum as pension benefit. This is a clear act of pushing teachers into destitution after working life.”
“NAQEZ is confident that the National Assembly will amend section 19 of the current NAPSA Act in order for our teachers to begin getting part of their savings after serving for 10 years. As it was noted by Cabinet, this introduction will enable educators to venture into viable businesses and build decent houses without entangling themselves in expensive debts,” Mr. Chansa said.
He proposed that the new law allows NAPSA members to partially withdraw 50% from their contributions, to enable teachers retire with handsome amounts of money as opposed to the current arrangement where NAPSA only gives small monthly allowances as pension.
“The New Dawn Government has a golden chance to correct this historical injustice. NAQEZ is also happy that Cabinet has approved the Examinations Council of Zambia Bill of 2023 .Indeed the ECZ Act of 1983 must be repealed and replaced with a new one which will clearly indicate the body responsible for administration of national examinations in Zambia ,” he added.
Cabinet has approved for publication and introduction in Parliament, during the Cabinet Meeting, the National Pension Scheme (Amendment) Bill, 2023, which aims to provide for members to access a pre-retirement benefit.
According to Chief Government Spokesperson Chushi Kasanda, the objective of the Bill is to amend the National Pension Scheme Act, 1996 so as to provide for members to access a pre-retirement benefit.
“This is a policy decision which has received a lot of public support since the pronouncement was made by the New Dawn Administration regarding the partial withdrawal of pension benefits by members of the National Pension Scheme Authority.”
“The current legislation does not provide for access to contributions by members before retirement. This has tended to deprive members of the scheme of an opportunity to either venture into business or own assets, hence the call to amend the National Pension Scheme Act No. 40 of 1996.”

More From Author

World Bank urges Zambia to capture other benefits beyond mining sector

• World Bank is committed to supporting African countries to translate Africa’s mineral wealth into…

Read More

Kwacha gains should benefit consumers – BuyZed

• This is to ensure that consumers begin to enjoy what is produced locally.• Manufactures…

Read More

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stakeholders call for inclusion of children with Autism in education system

There is no effort to include children with Autism in the current Education system. Government…

Read More

Over 600,000 homes to benefit from Liquid Zambia’s enhanced internet access

Connectivity is the cornerstone of Zambia’s digital transformation journey. This remains vital in driving digital…

Read More

April food basket drops by K255.14-JCTR

This is compared to the March basic needs and nutrition basket which stood at K10,…

Read More