5 December 2017

Zambia: Napsa Probes 200 Firms in Kitwe

The National Pension Scheme Authority (NAPSA) has prosecuted more than 200 firms and organisations in Kitwe this year due to noncompliance with employee pension remittances.

The statutory body has since urged companies and individuals not to delay or ignore remitting money to NAPSA to avoid legal consequences.

Acting Northern Region manager Mushoke Namiluko said this year ,200 institutions and companies were taken to court for non remittance of pension funds on behalf of employees.

"We successfully prosecuted 200 firms, individuals and organizations for failure to remit money they deduct from employees in trying to emphasise the need to adhere to the social security provisions," Mr Namiluko said in Kitwe.

He said NAPSA would continue sensitizing companies and organisations on the need for compliance to secure the future of employees in the country and enable them participate in the economy even after they leave employment.

Mr Namiluko said the authority is putting up measures to simplify payment systems to enable clients remit money without huddles which users should take advantage of.

He said NAPSA being a defined benefit pension fund, there were lot of benefits that accrue to employees adding that the minimum monthly pension is pegged at K894 with plans of revising it upwards advanced.

Mr Namiluko added that plans to capture the informal sector on the pension scheme have advanced.

"We are currently training marketeers and other self employed person

so that they can start contributing to the pension scheme, it is to their advantage because at some point they will not have the vigor to earn income," he said.

Mr Namiluko said contributing to the pension scheme a had a lot of advantages saying apart from receiving pension, clients had access to funeral money of about K8,000 to cover funeral expenses

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