Malawi: Employers Body to Engage Central Bank Over New Pension Law

13 February 2023
Nyasa Times (Leeds)
By Naomi Mkwanda

Officials from Employers Consultative Association of Malawi (ECAM) say they will engage the central bank, the Reserve Bank of Malawi (RBM) to sensitize employers on the amended Pension Act.

President Lazarus Chakwera on Friday assented to four bills including the Pensions Bill to become laws.

ECAM executive director George Khaki said there was need for employers to know detail of the new pension law.

He said this will help in effective remittances of pension money to pension fund managers.

The new law subscribes penalties for employers who fail to remit the pension funds.

The three other assented bills are Public Audit Amendment, Public Roads and the Constitutional Amendment.

Among other issues, the Pension Act will enhance coverage of the pension sector and strengthen compliance and supervision over entities operating in the pension sector.

It is also expected to increase the proportion of pension benefits to be paid as a lump sum at retirement from 40 to 50 percent.

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