Minister of finance and social grants management Ericah Shafudah has increased the amount of money retirees can withdraw from their pension funds to N$375 000.
This is one of the policy changes the minster announced during the tabling of the national budget in Windhoek on Thursday.
Previously, retirees were limited to a N$50 000 lump sum withdrawal from their retirement funds.
"Increasing the retirement funds single commutation threshold will provide relief for senior citizens," said Shafudah.
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