'Govt aware of L/stone retirees' planned protest'
By Cynthia Phiri in Choma
Fri 12 July 2013, 14:01 CAT
LABOUR Minister Fackson Shamenda says the government is aware of a ploy in which some unpaid retirees in Livingstone have planned to stage a protest during next month's United Nations World Tourism Organisation general assembly.
Shamenda, who disclosed this in Choma yesterday when he called on Southern Province permanent secretary Bernard Namachila, said the planned protests were discovered after a fact-finding mission undertaken to the tourist capital by himself and senior officials in the ministry, who included permanent secretary Trevor Kaunda and labour commissioner Cecilia Mulindeti Kamanga.
He said over 200 aggrieved retirees who have not been paid their dues since 1998 were planning to protest against the government, adding that if not forestalled, this would undermine the successful hosting of the UNWTO activities.
He said during his visit to Livingstone, he discovered that if labour issues were not handled properly, the country would suffer an embarrassing situation of protests by workers during the UNWTO General Assembly.
Shamenda called for urgent action to resolve matters that could trigger industrial unrest during the event, which will be attended by international delegates.
"It is also disturbing to learn that there is no single labour officer in Livingstone following the relocation of the provincial capital to Choma. Livingstone is a busy town with a lot of economic activities and it is unacceptable for it to be left unmanned," he said.
Shamenda directed Kaunda and Kamanga to immediately deploy a labour officer in Livingstone. He said there was no way Choma could have two labour officers when Livingstone had none.
And Namachila assured Shamenda that measures would be taken to forestall the planned disturbances during the upcoming UNWTO general assembly.
Labels: FACKSON SHAMENDA, LIVINGSTONE, PENSIONERS
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Caring for our senior citizens
By The Post
Wed 23 Jan. 2013, 14:30 CAT
THE way we are treating our old people, our senior citizens needs to improve. We need to give honour and respect to those who are old. We need to show respect for those who have lived long on the face of this earth. We need to learn to love older people. Anyone can love the young and beautiful, particularly when the hormones flow. To love an older person comes closer to true love. Of course, it is a pleasure to deal with an old person who is sweet, lovely, intelligent and self-sufficient.
Anyone can do that. It takes real character to love those who aren't lovable. So, if the person you are dealing with is an impossible old man or woman, rise to the occasion and be challenged to treat them especially well. Treat old people just like you want to be treated when you get old. Your children will treat you the way you treated your parents, and on and on it goes. If we show respect for old people, when we get in that condition, people will be more likely to show respect for us.
Visit the old people and try to alleviate their loneliness. The Bible very clearly tells us, "Honour your father and mother" (older people), which is the first commandment with promise (that it may be well with you and you may live long on the earth).
This principle of honour is the major way of dealing with our senior citizens because it is the best way of dealing with older people.
We have the responsibility to ensure that older persons live and enjoy healthy lives in which they participate fully in the economic, social, cultural and political arenas of our society.
There are large numbers of healthy and willing senior citizens who can be of great service to society. Senior citizens should be treated as a community asset and their decades of work experience channelled to creating national wealth.
We have to respond to the twenty-first century challenges for the development of an inclusive society for all ages. Everyone in existence deserves honour and respect.
The value of being older and having lived long is that you have experienced the totality of the experiences that form part of a human being's journey. This includes the lessons that you have learnt based on mistakes and decisions you may have made. In this sense, part of the role of older persons in society is to share these lessons with the young and upcoming generation so that they can make better decisions and thereby contribute to building a better future for their children and future generations.
We need to treat elders with respect and dignity. It is through dignified interaction with people older than us, even if we disagree with them, that we will earn the respect of those who come after us. Mutual trust, mutual respect and reciprocity are what will build a better society for ourselves, our children and their grandchildren.
It is against this background that we discourage the abuse of older persons because they form part of the institutions of heritage from which we can learn customary and cultural practices.
The abuse of older persons must not be allowed to threaten the lives of these true beacons of hope because they still have a lot to offer the current generation, in particular young people.
We have the responsibility to treat our senior citizens with the respect and dignity they deserve. Our senior citizens have an important role to play and contribution to make in the transformation of our society to a more just, fair and humane one. There are experienced persons that can share us their knowledge and wisdom. There are people who, despite their unique views of life, have a lot to offer.
The elderly are full of wise tales and wisdom which, unluckily we are casting aside. People do not like to seek advice from older persons anymore.
There is need to treat our old people, our senior citizens with some priority. On buses, for example, they deserve to be reserved the best seats.
They also deserve priority for medical assistance. And wherever possible, they should be given discounts for medicines and food supplies. Airlines should also give them discounts and treat them as special customers.
The elderly are part of our society, and should not be disrespected or ignored to the point that they are pushed away. They should be valued and cherished for their experience and knowledge.
Sometimes we say we want to live long, but we forget that living long is growing old.
Of course, it is not always easy to deal with some old people. We shouldn't expect old people to be much different from any other age. Some old people can be very difficult; but so too are some young people. We do not believe that people change much, in other respects, by getting old.
A stubborn young person becomes a cantankerous old one. A lifetime of evil character does not suddenly become sweet and innocent with age. People can change at any age, if they want to; but they don't automatically change for the better as they grow old. Why is it that people who have been driving for many decades are often more reckless than someone who has been driving for a few weeks, months or years? Does practice make perfect? No! Practice does not make perfect, because we often practice our errors and without proper feedback, we cannot correct them.
A person who has been driving for many decades can be a bad driver if he or she continues to perpetuate bad driving practices. Just because a person has lived long, don't expect them to be a saint or perfect. Accept people, even old ones, as they are.
We are reminded in Sirach 3:10-16: "Never seek honour for yourself at your father's expense; it is not to your credit if he is dishonoured. Your own honour comes from the respect that you show your father. If children do not honour their mothers, it is their own disgrace. Son, take care of your father when he grows old; give him no cause for worry as long as he lives. Be sympathetic even if his mind fails him; don't look down on him just because you are strong and healthy.
The Lord will not forget the kindness you show to your father; it will help you make up for your sins. When you are in trouble, the Lord will remember your kindness and will help you; your sins will melt away like frost in the warm sunshine. Whoever abandons his parents or gives them cause for anger may as well be cursing the Lord; he is already under the Lord's curse."
A society that does not value its older people denies its roots and endangers its future.
Labels: PENSIONERS
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Katema implores families to care for the aged
By Fridah Nkonde
Wed 23 Jan. 2013, 13:59 CAT
COMMUNITY development minister Joseph Katema says elderly people are a source of information and experience if society makes proper use of them. And Dr Katema says elderly people should not be viewed as a burden or enemies in society. In an interview yesterday, Dr Katema said Zambians needed to be educated on the importance of taking care of the aged in society.
"The elderly should not be viewed as a burden or an enemy in society. That is what is happening because when some people are having calamities in their families, they have to look at an elderly person in the neighbourhood to point a finger at to say, 'that is a witch'," he said.
Dr Katema said taking care of the aged should be the responsibility of families and communities.
"The best place where the elderly should be taken care of is the home environment, the family environment," he said.
Dr Katema said most families were unable to take care of the aged because they were incapacitated by the harsh economic and social conditions which were prevailing.
He said the government would empower families which were looking after people above the age of sixty.
"That is the reason why you will find that in all our social protection programmes, the social cash transfer, the food security pack, the public welfare assistance schemes, beneficiaries are those households keeping the aged. This is one of the strongest criteria which we consider for people to get food security packs and other things," he said.
Dr Katema said the government had formulated a policy on ageing which would be taken to Cabinet for tabling and publication.
Labels: JOSEPH KATEMA, PENSIONERS
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Zimbabwe resumes payments to Malawi pensioners
23/09/2012 00:00:00
by Staff Reporter
ZIMBABWE is set to resume remitting pension payments to Malawian former mine workers, the country's ambassador to Malawi has confirmed.
The remittances had been stopped due to the country’s decade-long economic recession as well as the lack of records of beneficiaries.
Ambassador Thandiwe Dumbutshena confirmed the development in Lilongwe noting that millions of Malawians played a key part in developing Zimbabwe’s economy, many of them working in the country’s mines.
“In recognition for the industriousness of Malawians and the role Malawians played in the economic growth of Zimbabwe we are committed to paying their pension,” Dumbutshena told local media.
The Zimbabwe Mining Industries Pension Fund recently visited up to eleven districts in Malawi in a bid to identify surviving mine workers.
The Fund’s public relations officer Thumani Ndlovu said they had identified at least 500 beneficiaries but the records of 200 others could not be verified because the beneficiaries had since died and there are no records.
“It becomes a challenge to identify beneficiaries because Malawi does not have a national identity system,” he said.
An official in Malawi’s Ministry of Labour, John Mawango, called on relatives of relatives of deceased former workers to obtain death certificates to enable easy processing of pensions.
At least three million Malawians are believed to have lived in Zimbabwe after many moved south during the federation of Rhodesia (Zambia and Zimbabwe) and Malawi when the latter was used as a source of cheap labour on farms and mines.
Labels: MALAWI, MINING, PENSIONERS
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Malawi: Recent pension tax reforms detrimental to pension funds and employees
September 19, 2012
When I first read the Pension Act, it was clear then that the legislature decided to promote defined contribution funds (DC fund) as the preferred type of fund in Malawi. To remind some of the readers, there are fundamentally two types of pension funds: DC funds and Defined Benefit Fund (DB fund).
A DB fund promises a fixed monthly benefit at retirement. The rules of a DB fund may state the promised benefit as an exact amount, such as K180,000 per month at retirement. Most DB funds calculate benefits through a formula involving the employees’ service and salary histories. DB funds are more advantageous to employees who spend many years working for a single employer, and most governments prefer DB funds.
One of the reasons for this phenomenon is that it manifests an employer’s yearning to retain employees, who have acquired valuable skills, by designing DB funds to provide generous benefits to such long-term serving employees than to employees following other career paths. It is probably for the same reason that the current Malawi government pension scheme is a DB fund.
Elderly: On pension
One important feature of a DB fund is that if the fund investment performs poorly, the employer remains liable to pay the promised benefits. In other words, while employees enjoy fixed benefits in DB funds, the future cost to the employer remains uncertain. Hence, it is in the employer’s interest for the fund to be effectively managed.
Conversely, DC funds do not promise fixed benefits at retirement. Instead, the employer and employee contribute fixed amounts to an account in the fund. In Malawi, contributions are prescribed, and theemployer is obligated to pay ten per cent of an employees’ salary and employee pays five per cent. Hence, it is fair to say that DC funds are always fully funded. Once received, contributions are invested in the market by the board of trustees of the fund and the employee ultimately receives the account balance, which is based on contributions made and investment gains or losses.
Accordingly, employees assume the hazard of investment volatility in DC funds. If the investment is bad, the amounts received at retirement will be diminished. If the investment is good, the employee’s benefits at retirement increase.
As mentioned above, the Act envisages and promotes DC fund because it defines the contributions by every employer and employee in section 12; it promotes transfer of benefits and the switching of membership of a fund in sections 14 and 44; prescribes the establishment of individual accounts in section 11; and provided(s) tax incentives to employers and employee in section 13. These and other provisions bear the most significance in a DC fund environment and promote their proliferation.
Let me comment on the issue of the pension tax reforms vis-à-vis DC funds. Many readers will recall that when the Act came into force in June 2011, section 13 was suspended from implementation to allow for a review of the tax system. This review was conducted during the financial year 2011/2012. In his 2012/2013 budget statement, Minister Dr Lipenga announced that section 13 of the Act would beamended to make reference to the Taxation Act, where a new structure for taxation of pensions would be introduced. While these reforms have not yet been passed into law, the Minister hinted that the reforms will be crafted in such a way that contributions by the employee will be net of taxes and contributions by the employer will be deductible up to fifteen percent of the employee annual salary. Further, earnings from pension investments will be taxed at a rate of fifteen per cent. He added that pension benefits that accrue to the pensioner will be exempted from taxes. Some of these policy statements are reflected in the Taxation Bill 22 of 2012.
Following the budget statement, commentators expressed concern that the proposed tax regime will see a decline in employee’s savings. According to an article in the Daily Times on 27 June 2012, Mr Kaferapanjira from the Chambers of Commerce, observed that prior to the Act pension taxes were calculated based on an employee’s gross salary. So under that system if an employee earned K10,000 per month, her five percent contribution to the pension fund would be K500. He observed that under the proposed system the employee would be taxed on the K10,000 first.
Kaferapanjira hypothesized that if the taxation rate were thirty percent, the employee would be left with seventy per cent. This means that the contribution on the K10,000 monthly salary would be based on K7000 after deducting the thirty percent taxes from the monthly salary. The employee’s five percent pension contribution would now be K350 per month. Had the old tax system been maintained, the employees’ pension contribution would have been K500.
The point advanced by Kaferapanjira is that since employees will now save less there will be fewer savings than would have been case had government maintained the old taxation model. On the other hand, the government will get more taxes now than if it decided to collect those taxes in the future. If Kaferapanjira is correct in his assertions then employees who belong to DC funds (which is over 90% of employees in Malawi) will be the most negatively affected since their benefits are dependent on how much they contribute to the fund. Those employees will be forced to save less every month due to the proposed tax regime. They would stand to benefit had the government chose to defer pension taxes until employees exit the fund, which is the approach most countries have adopted. In this way, employees belonging to both types of funds would have benefited, including those employees wishing to save more than the minimum required contributions. For employees belonging to DB funds, the proposed changes in the tax regime may not affect them as much given that their benefits are guaranteed by the employer.
There is another point to be made in relation to these proposed tax reforms. Since there is already a proliferation of DC funds in Malawi (as I have said at least over 90% of funds are DC funds), the likely effect of these tax proposals is that DC funds will not have as much money to invest into the economy since less money will be contributed by employees into the pension fund. Ultimately, this will affect theamounts of benefits that employees will receive at retirement.
The overall effect of this proposed tax reform is that it will remove the incentive to save and ability of pension funds to contribute to economic development through their investment. There is also likely to be a ripple effect of these reforms on the economy to the extent that employees will have less money in their hands to spend into the economy since employee pensions will be taxed now and not in the future. Therefore, it was important for the Act to provide a tax incentive by making all pension contributions tax deductible.
Frankly, I believe that section 13 as originally configured was the preferred tax approach without it the primary objectives of the Act are under threat. Section 13 of the Act reflected a clear desire by the legislature to promote a savings culture.
There is another reason I believe the Malawi Act promotes DC funds as opposed to DB funds. It introduces new, costly and stringent funding requirements to address inadequate funding issues associated with DB funds. Under these requirements in section 87, most DB funds must be fully funded within three years. Additionally, the Act requires employers operating DB funds to provide accurate actuarial fund assessments every two years, which is a costly exercise and will likely lead to the decline of DB funds.
Malawi is not the only country that has passed legislation promoting DC funds. It is a widely held view among academics that the US Pension Protection Act of 2006 robustly enhances DC funds to the extent that DB funds will likely disappear. Since the legislature has chosen to promote DC funds in Malawi, the question is whether this is good or bad? I will attempt to address this question next time.
Prof Mtende Mhango, is the deputy dean at the Wits University, School of Law. He is also the deputy chair of the Board of the Wits University Retirement Fund with an asset value of R1,8 billion.
Labels: PENSIONERS, TAXATION
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Make 60 retirement age, advises ex-civil servant
By Maluba Jere
Mon 24 Oct. 2011, 09:00 CAT
A RETIRED civil servant says the statutory retirement age should be 60 while 65 should be optional. In an interview yesterday, Lottie Sikazwe Chellah, a former public service commissioner, said
the proposed retirement age of 65 should be voluntary because some people were still energetic and vibrant to work.Chellah said after working for 50 years, one would have gained a lot of experience and could contribute effectively to the family as well as the nation.
"I am talking from experience. We retired people at 55 years and within five years of being retirees they came back and applied for jobs because they had become destitute," Chellah said. "And in most cases, these people are taken back on, so let us make it retirement at 60 years compulsory."
He said while there was need to consider the life expectancy of Zambians, the retirement age of 65 may be extreme.
However, he said the current retirement age of 55 needed to be relooked.
"A perfect example is for teachers and nurses. When a nurse retires, you find that she is again hired to continue working in the same hospital and they are some of the best performers because they have the experience and they are settled," Chellah said.
And in his message to mark Zambia's 47th independence anniversary, Chellah appealed to President Michael Sata to liberate the people of Zambia by addressing the high poverty levels in the country.
He said Zambians would never be truly free if they remained in poverty.
"This is a time to remember how we struggled for our independence. We struggled but we are not free as long as the poverty levels in this country remain high," said Chellah. "President Sata should liberate this country truly by dealing with issues affecting the people."
Labels: LOTTIE CHELLAH, PENSIONERS, RETIREMENT AGE
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Knives out for Jayesh Shah as RFHL saga gets nasty
Sunday, 29 May 2011 00:19 Top Stories
Sunday Mail Reporter
THE Renaissance saga has taken a dangerous twist following revelations that there are clandestine efforts to have businessman Mr Jayesh Shah deported or arrested in a bid to silence him while reports are emerging that Finance Minister Tendai Biti could have taken the decision to bail out the bank using NSSA funds before he brought the issue to the Council of Ministers and Cabinet.
It has also emerged that Econet Wireless Zimbabwe Limited, which has an 11 percent shareholding in RTG and 22 percent in Afre, which falls under Renaissance Financial Holdings Limited (RFHL), was so incensed by Minister Biti’s “interventions” in the whole saga that it decided not to continue investing in the two companies.
On the other hand, there are startling revelations that the chairman of NSSA, Mr Innocent Chagonda, whose organisation has been approached by Minister Biti to invest about US$20 million into Renaissance Merchant Bank, was until recently a trustee in Bethel Trust, which owns about 36,88 percent shares in RFHL on behalf of the Timba family.
Ironically, Renaissance Merchant Bank was plunged into problems following the failure by the embattled Patterson Timba to repay a US$5 million loan that he had obtained from Mr Shah purportedly as a cash injection into the financial institution.
While the investigations by the Reserve Bank of Zimbabwe on Renaissance have not yet been made public, it is believed that they revealed very serious lapses bordering on the criminal.
Under RFHL, there are four business concerns, namely Renaissance Merchant Bank, Renaissance Securities Limited, Renaissance Capital Limited (based in Uganda) and the African Renaissance Corporation (Afre).
Impeccable sources in the Ministry of Home Affairs, who spoke on condition of anonymity, told The Sunday Mail last Friday that there were attempts to use the ministry to either deport or have Mr Shah arrested, but this was thwarted by the co-Minister of Home Affairs, Cde Kembo Mohadi.
“Attempts were made to have Shah deported or arrested on fraud charges, but we don’t know who would have been the complainant. Minister Mohadi got wind of the plan, seen by many as a way of trying to silence Shah, and he intervened. The ministry was divided on political lines on this matter, but Minister Mohadi prevailed,” said the source.
Between September 2009 and April 2010, Mr Timba and RFHL borrowed a total of US$10 million from Mr Shah and his companies.
Mr Timba borrowed a total of US$6,4 million from three companies — Alshams BVI Ltd, Iris Investments and Lord Shanidev Investments — that belong to Mr Shah while RFHL borrowed a total of US$5 million from the same companies.
While the Home Affairs source could not reveal the people who were working to have Mr Shah deported or arrested, last week Minister Biti said: “There are two particular loan sharks, one of Indian descent and one of British descent, that have unlawfully descended into our market and that are exposing our banking system to unacceptable usurious rates of interest.”
However, Mr Shah and British mogul Nicholas van Hoogstraten hit back describing Minister Biti as “foolish” saying no one forced Mr Timba and RFHL to borrow the money in the first place.
As the attacks on Minister Biti continued, the chairman of Econet Wireless Zimbabwe Limited Mr Tawanda Nyambirai wrote a scathing letter to the minister on May 13 expressing his company’s disgust at the way the Renaissance issue had been handled.
“I refer to our meeting of yesterday morning that we held at your directive…At the aforementioned meeting with you Minister, you indicated that an investor, the NSSA, had been found for Renaissance Financial Holdings Limited and that the investor did not want any rights offers in these companies until they are ready to inject capital in Renaissance Financial Holdings Limited . . .” said Mr Nyambirai.
If the meeting between Econet Wireless Zimbabwe Limited and the Minister was held in the morning of May 12 as indicated above, that means Mr Biti told Mr Nyambirai that NSSA would invest in Renaissance Merchant Bank before he took the matter before both the Council of Ministers and Cabinet.
Records show that Minister Biti brought the issue about NSSA bailing out Renaissance to the Council of Ministers on May 12 while the matter was brought before Cabinet on May 17.
Legal experts have queried why the parliamentary portfolio committees, especially the committee on budget and finance, are not taking Minister Biti to task over the Renaissance issue.
Mr Nyambirai said the suspension of Afre and RTG from trading at the instigation of Minister Biti was done unprocedurally.
“We have decided that the suspension of these two companies from trading without holding consultations with the directors of these two companies, or their management was duly intrusive and not in accordance with our expectations of how non government controlled public companies must be run. This has totally shattered our confidence in continuing to invest in these companies.
“In the circumstances we have decided to withdraw our appointees from the boards of these companies on the basis that your inventions have made it impossible for them to continue exercising their fiduciary duties as directors of public listed companies. They shall be tendering their resignations with immediate effect. We shall also proceed to sell all our interests these companies and will immediately start talking to interested buyers,” wrote Mr Nyambirai.
Analysts have questioned why Minister Biti is “neck deep” meddling in the affairs of a private bank instead of bailing parastatals that are struggling to survive.
Repeated efforts to contact Minister Biti were fruitless as he was said to be in several meetings last Friday while yesterday he was reported to have gone to South Africa.
As the Renaissance saga continue unfolding, The Sunday Mail has unearthed information that the NSSA chairman Mr Chagonda once served as a trustee in Bethel Trust, which owns 36.88 percent shares in RFHL on behalf of the Timba family.
Economists have voiced concern that there is a conflict of interest because NSSA is now being instructed to bail out Renaissance where Mr Chagonda was once a trustee.
“Obviously, Mr Chagonda has interests in these two entities that are about to go to bed together and I think there is conflict of interest on his part.
“From my point of view I think Renaissance with all that has been said about lack of corporate governance and incest, is an unsafe destination for anyone’s money. We will see what NSSA will come up with,” said one economist.
Mr Chagonda confirmed his connection to Bethel Trust saying: “I was a member of Bethel Trust for a number of years but I resigned some time ago. I resigned at the same time with Mr Chinake.”
Reports say Mr Chinake resigned from Bethel Trust on May 9 this year, leaving suspicion that Mr Chagonda may have been aware of the problems brewing at Renaissance Merchant Bank well before they were made pubic.
While Mr Chagonda’s connection with NSSA and Renaissance may now come into question, it is understood that President Mugabe had reservations when he was appointed as chairman of NSSA.
Presidential spokesperson, Cde George Charamba said:
“When the Minister responsible for NSSA, Ms Paurina Mpariwa was constituting the NSSA board, the President said he had no problems with the board per ser. However, he had reservations in respect of the proposed chairperson Chagonda stemming from Chagonda’s political role as it manifested itself during the GPA related negotiations.
“Chagonda was an advisor to one of the parties to the GPA and so the President was concerned that this political involvement would cloud his leadership of the board.
“However, Minister Mpariwa came back after consulting other members of his party, insisting that she had confidence in the chairperson.”-The Sunday Mail
Comments
0 # kenny 2011-05-29 08:12
your reporting is full of hearsay. There do not seem to be facts. So, has Econet sold its investment in RFHL? Did you expect biti to take the matter to cabinet and to the council of ministers without wide consultations first? Nssa has experienced people who will decided whether an investment into a project makes sense or not. And why would Shah remain in Zimbabwe if he is violating the country's laws? If he has not violated any laws, does he need ministerial protection to remain? The major setback on your article is that it seems like a smear campaign.
Reply
+1 # Jemedzo 2011-05-29 08:39
This reveals why our banking sector is failing to come up with financial progames that can assist in turning around our economy. I think its time the governement and RBZ investigate the Treasury departments of all banks. I am pretty sure we might end up with abscondees and our President will know who are the subotuers of this country.
There is no banking going on in this country but chimbadzo and unfair enrichment among those we are calling business people.
Reply
0 # Bob Marimatombo 2011-05-29 10:56
Minister Biti is not qualified to be in the position he is, we hope that drastic measures are taken and he resigns immidiately.
Reply
-1 # Never Ever 2011-05-29 15:50
Ana Biti ava itsaona for Zimbabwe. What is it that they have come up with that is good for Zimbabwe. First he was fighting to surrender Zim's sovereignty to IMF when he wanted Zim declared a Highly Indebted Poor Country, without regarding the devil in the detail, just like No Fly Zone in Libya which war experts say mean a declaration of war. Then Biti decided to lock under his key Zim's IMF drawing rights at a time farmers needed support and inputs, so that our land reforms will turn to a joke.Mai Mujuru did well by putting him to order. MaMDC nevapambepfumi idraw draw 6 na 9.
Labels: MDC CORRUPTION, PENSIONERS, TENDAI BITI
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Who is Rupiah serving? asks Kabimba
By Patson Chilemba
Sat 28 May 2011, 04:01 CAT
THOSE saying Rupiah Banda is benefiting from the US$98 million dollars NAPSA deal are justified, says Wynter Kabimba. Commenting on Pres-ident Banda’s justification of the deal, Lusaka lawyer Kabimba, who is also PF secretary general and spokesperson, wondered why President Banda was insistent on describing the deal as a good project.
He said the fact that President Banda was patronising the NAPSA and Zambia National Building Society (ZNBS) directors that they should focus on pushing the deal despite criticism from the public, meant that he realised that the criticism was justified.
Kabimba said the role of social security schemes in the past was to give loans to local authorities in order to build houses, such as the ones seen in Libala and Chilenje.
He said that was the role of the security schemes because the money belonged to the workers, so it went back to them by way of social development in form of low-cost housing.
Kabimba said the ordinary people today could not afford to purchase the houses from National Housing Authority because the cost usually ranged between K500 million to K1 billion.
He said any responsible government would have been urging NAPSA and other pension schemes to be investing in low-cost houses so that the people could have decent homes.
“To go and try to promote that project between NAPSA, ZNBS against the general welfare of the ordinary person is not only irresponsible by any government, but it’s working against the interests of the ordinary persons,” Kabimba said.
“We in PF would not support such projects because... you tell me how refurbishing of Zambia National Building Society improves the lives of people in Matero. How does it deliver water to the people in Chawama?”
Kabimba said US$98 million would go a long way towards improving the welfare of people in squalid settlement such as Kanyama which had no drainage system since the MMD came into office, and floods were the order of the day every rainy season.
He said President Banda found it wise to spend billions on a building when people could not afford health services, saying he wondered how many people from Matero would ever enter the ZNBS building.
“So the question is who is Mr Rupiah Banda serving? Certainly it can’t be the interest of the ordinary person…and Mr Rupiah Banda says that this is a good project, good for who? It’s a good project for himself, his government and the elite, and we cannot support that as PF,” Kabimba said.
“When you look at that principle, that’s why people are saying that there must be something for him. Otherwise, how does he just work against the interests of the people? Those reasoning like that would not be wrong.”
Kabimba said it was out-right strange that it had to take the head of state to go and officiate at the NAPSA-ZNBS ceremony.
He said the President even went out of his way to declare the deal, which he said had been criticised not only by The Post but the general citizenry.
“Without The Post in this country, these guys would have run the coffers of this country, bankrupt. Zambia would be bankrupt without The Post.
These guys are bitter not that there is something wrong that The Post has done but because it’s protecting the interests of the citizens. They have their dirty hands in the national till and when The Post screams, they withdraw their dirty hands from there,” said Kabimba.
During the launch of the Zambia National Building Society House redevelopment and Central Arcade development on Thursday, President Banda justified the deal, saying he was happy that the pension authority had not been detracted by “the best newspaper, The Post”.
The deal has attracted questions from several members of the public over the manner the transaction was handled. Sources disclosed that State House has been instrumental in ensuring the deal go through.
Labels: CORRUPTION, NAPSA, PENSIONERS, RUPIAH BANDA, WYNTER KABIMBA
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Plunderers have risen, says Sata
By George Chellah in Kasama
Wed 18 May 2011, 04:02 CAT
PF leader Michael Sata says plunderers have risen. And Sata says the PF-led government will support media freedom in the country. During a special programme on Kasama's Radio Mano on Monday, Sata said plunderers had risen under President Rupiah Banda's government whose focus was to steal from poor Zambians.
“There are a lot of retirees who haven't been paid their benefits. But Mr Banda gets K70 billion and gives his relative Robinson Zulu for land. How can government buy land? Mr Banda again gets US $98 million and gives it to a Kenyan using the same pensioner’s money,” Sata said.
“Ba Banda tabaletontonkanya (President Banda is not thinking). Even on the road contract at Landless Corner he has given ka BY Mwila National Democratic Focus president and Nchelenge member of parliament.”
He said President Banda only cared about himself.
“Rupiah Banda has spent a lot of money. He gave ministers huge sums of money to go round the country because he knows that this year it’s going to be tough for them. Rupiah Banda kuya bebele! (Rupiah Banda is going!).
We have a number of hospitals and clinics here but because Rupiah Banda went to China and brought mobile hospitals,” Sata said. “In this country you don't even have sufficient ambulances so how can the mobile hospital concept work? They got US $53 million for mobile hospitals.”
He said instead of learning from first Republican president Dr Kenneth Kaunda who did tremendous things for the country, President Banda’s administration was abusing the poor.
“Kaunda put up roads and other infrastructure in the country. Banda has come and he has neglected this infrastructure which Kaunda left in place,” he said.
On his policy of governance once in office, Sata said the PF would bring back the real civil service as opposed to the current one that was littered with MMD cadres.
“All the District Commissioners who are campaigning for MMD will go with MMD,” he said.
He said under the PF government, traditional leaders would be chairpersons of the various development committees in their areas and they would be handsomely remunerated for that task.
When asked whether he would win this year's elections, Sata responded: “God was testing my strength and resilience.
In 2001, we only campaigned for three months, in 2006 we really tried because we increased the number of members of parliament and in 2008, Banda even failed to steal votes in Eastern Province where he hails from. He went and stole in Western Province.
Currently, there are a lot of people that want to see us in a number of places. So we are now meeting our people in distance places.”
And Sata has stressed the need for press freedom in the nation.
“Let Lieutenant General Ronnie Shikapwasha shut down radio stations if he wants and we will also come and shut him down.
They closed Radio Lyambai but what have they achieved?” Sata asked. “ZNBC, Times of Zambia and Zambia Daily Mail are all government controlled. So we will encourage you independent media because you are able to reach areas even where ZNBC does not reach.”
Meanwhile, Kasama Central member of parliament Geoffrey Bwalya Mwamba popularly known as GBM warned the police against being partisan.
“When people are annoyed you won't even sit in those offices. You watch what is happening on Al Jazeera. Abantu bakali bane!” Mwamba said.
He also advised Northern Province permanent secretary Mwalimu Simfukwe to behave like a civil servant.
He accused the provincial administration of giving contracts to MMD cadres and sharing money.
“When we come into power you will be jailed and we will be coming to watch you in prison,” he said.
Lukashya member of parliament Elfrida Mwamba urged the district commissioner and Simfukwe not to overstep their duties.
Labels: CORRUPTION, MICHAEL SATA, NAPSA, PENSIONERS, RUPIAH BANDA
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Indigenisation: New Dawn targets pension funds
by Gilbert Nyambabvu
18/05/2011 00:00:00
GOLD mining company, New Dawn says production over the quarter ended March 2011 increased 83 percent as the firm awaits the government’s response to its indigenisation compliance plan which targets pension funds and a listing on the Harare bourse.
Canada-based New Dawn last year acquired Central Africa Gold whose Zimbabwe interests included Camperdown Mine, Dalny Complex, Golden Quarry Mine, Old Nic Mine and Venice Complex which are all located around Kadoma.
The acquisition added to New Dawn’s portfolio which already included the Angelus and Turk mines making the Toronto-listed company, one of Zimbabwe’s major gold producers.
In a statement issued on Monday the company said consolidated gold output over the quarter to March 31 topped 6,226 ounces, an 83.4 percent jump on the 3,395 ounces produced over the corresponding year in 2010.
The increase in output as well as firming gold prices boosted revenues to US$8 million over the quarter ended March 31, a 110 percent increase.
“The increase in gold production was a result of greater tonnage mined and processed at the Turk Mine, as well as an increase in production output from the Central African Gold properties,” the company said.
Meanwhile, management said they were waiting for feedback from government regarding their plans to comply with the country’s indigenisation laws under which all foreign companies must localise control and ownership of at least 51 percent of their shareholding.
New Dawn said its plan proposed engaging “indigenous capital partners” such as pension funds and other investment funds as well as seeking a listing on the Zimbabwe Stock Exchange (ZSE).
“The plan also anticipates the establishment of employee and community share ownership plans for the benefit of indigenous Zimbabweans that are intended to provide the opportunity for broad-based participation by indigenous Zimbabweans,” the company said.
“New Dawn is continuing to engage in confidential discussions with the government in an effort to reach agreement about the terms, conditions and timing of an indigenisation program based on the previously submitted plan that will be compliant with applicable legal requirements.”
Management however, warned that “substantial uncertainty” remained regarding the implementation of the indigenisation regulations and their potential impact on the company.
“If (New Dawn) is unable to obtain approval for its plan (this would) raise significant implications as to the company's ability to continue to conduct its operations in Zimbabwe, as well as to obtain the funding necessary to continue to implement its current business plan.”
New Dawn plans to increase annualized gold production 60,000 ounces within the next 18 to 24 months, rising to 100,000 ounces over the next four to five years.
Labels: INDIGENIZATION AND EMPOWERMENT ACT (ZIMBABWE), PENSIONERS
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NAPSA deal must be stopped - Chongwe
By Chibaula Silwamba and Ernest Chanda
Sat 14 May 2011, 04:01 CAT
NAPSA’s US$98 million deal with bankrupt Zambia National Building Society (ZNBS) is a shameful scam which must be stopped, says Lusaka lawyer Dr Rodger Chongwe. And President Rupiah Banda says if The Post has to accuse someone, it is usually him.
Dr Chongwe, a former minister of legal affairs, said the National Pension Scheme Authority (NAPSA) was supposed to consult workers and employers, who own the money it keeps, before transacting in US$98 million with ZNBS, which he said had no capacity to repay.
“NAPSA is owned by the workers of this country because every month out of their salaries there is deduction of their contributions to NAPSA.
The workers have not been asked by the government or by NAPSA whether it is prepared to loan to a company, which is almost bankrupt and will be unable to pay US$98 million if loaned to it,” Dr Chongwe said.
He said NAPSA did not consult the employers and all key stakeholders.
“It is not good enough to say the board of directors of NAPSA has agreed to loan US$98 million. Who gave them the permission? The government doesn’t own NAPSA. The workers of this country own NAPSA,” Dr Chongwe said.
“This deal is a scam and it must be stopped. It has no support of the workers who contribute their little ngwees towards their pension scheme.” Dr Chongwe said it was shameful that NAPSA had decided to give ZNBS US$98 million when in fact many pensioners had not been given their money.
“As I speak now, there are so many people in Zambia who have retired and who have applied to NAPSA to have their retirement benefits under the scheme paid to them, which has not been paid on the basis that (a) there is no sufficient money, (b) because of bureaucratic ineptitude.
But this organisation now has US$98 million to waste by paying it to a company which is bankrupt, which cannot even repair its own building, Society House. It’s shameful!” Dr Chongwe said.
He accused President Banda of involvement in the NAPSA-ZNBS questionable deal.
“If the head of state were not involved in this scam, he would be the first one to stop them but because he has not stopped, there is a reason for that. It is because either he or his colleagues are involved in it,” Dr Chongwe said.
“He is the head of state and NAPSA is run as a parastatal although it’s not a parastatal, it’s owned by the people. But the President is the custodian of the people’s wealth, including their pension scheme. He is failing in discharging that duty out of personal interest.”
Dr Chongwe said the MMD government had neglected ZNBS leading to the parastatal’s failure to perform its functions to provide loans for people to build houses and even repair Society House.
Dr Chongwe said since 1997 when Society House was gutted, the government that wholly owns ZNBS had not released money to refurbish the building.
“The government has failed to invest in its own organisation, ZNBS, by providing it with money so that it is able to build houses in Zambia at low cost for the Zambians to buy,” said Dr Chongwe.
And responding to questions from journalists on arrival from Turkey on Thursday evening at Lusaka International Airport, President Banda said he does not participate in tender procedures.
President Banda was responding to a question on whether or not he ordered NAPSA to fund the renovation of Society House which was gutted by fire in 1997.
“I don’t participate in tender procedures; it is illegal for anyone to interfere with the tender procedures just like it is illegal to interfere with the judiciary, as it is illegal to interfere with the Parliament. So, it’s not correct. You know, that’s life; if they have to accuse somebody it’s usually me,” said President Banda in apparent reference to The Post.
“I don’t do it that way. You know in this country we’ve got procedures on how you order things. But of course as President they come to tell you that we are planning to do this and that; and then I look at it.
“And if I tell them that it’s okay with me, the rest of the procedure is theirs. I don’t even know; I saw it already. I received the press statement here; I’ve nothing to do with that. And I’ve also seen today that there was a reply from them NAPSA, that is the truth.
Well-placed sources disclosed that President Banda pressurised NAPSA to provide US$98 million to ZNBS for refurbishing the latter’s building in Lusaka.
However, NAPSA and ZNBS have failed to convincingly explain the transaction in which a Kenyan firm was allegedly single-sourced to carry out the works.
Labels: CORRUPTION, NAPSA, PENSIONERS, ROGER CHONGWE
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Liquidate debt to pensioners in next year’s budget, CCZ urges govt
By Fridah Zinyama
Thu 07 Oct. 2010, 10:30 CAT
THE Council of Churches in Zambia (CCZ) has urged the government to liquidate its domestic debt that it owes to pensioners in next year's budget.
In a statement ahead of the budget presentation this Friday, CCZ general secretary Rev Suzanne Matale called for a pro-poor budget that not only allocates money to labour intensive infrastructure development projects, but also makes sure that all pensioners and retirees are paid their dues on time so that they could invest their pensions and live a dignified life after work.
Rev Matale stated that the Council would like to see pensioners and retirees, many of whom have been waiting for their money for years, paid off to allow them send their children to school and engage in meaningful after-work economic activities.
She stated that the Council believes that by paying the pensioners on time, the government would be injecting money into the domestic economy, thereby positively growing the economy and improving the lives of ordinary poor Zambians.
“Whilst efforts have been made to settle our foreign debts, we have forgotten the former Zambian worker who year in and year out is always demonstrating before government offices for his or her benefits to be paid,” Rev Matale stated.
She added that CCZ was worried that a bad culture of not paying off pensioners and retirees was turning them into destitutes when they had dedicated their entire lives to working for Zambia and contributed to the country’s growth.
“CCZ believes that the best way of stimulating the local economy and creating local jobs is to make sure that Zambians have access to their cash on time so that they can use it to invest into their desired business ventures,” she stated. “By holding on to pensioners’ payments, a large number of Zambians are now being denied a chance to live dignified lives in our communities. We call for a deliberate effort to attend to this problem and make sure that retirees are afforded a dignified after work life.”
CCZ is this month dedicating its programmes and prayers to all pensioners and retirees that have not yet been paid their benefits so that they can receive their benefits on time.
CCZ is also praying for the families that depend on these pensioners so that these can find strength and resiliency as they wait for the government to pay them.
Labels: CCZ, PENSIONERS, SUZANNE MATALE
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UN co-ordinator calls for social system to support the aged
By Namatama Mundia
Fri 01 Oct. 2010, 15:30 CAT
UNITED Nations resident coordinator in Zambia Kanni Wignaraja has observed that a social system to support the aged is needed to hold gains on the Millennium Development Goals (MDGs) in the country.
In a message to commemorate the International Day of Older Persons which fell yesterday under the global theme “Older persons and the achievement of the Millennium Development Goals”, Wignaraja stated that efforts to reach the MDGs would be incomplete and gains will soon be rolled back unless order persons who have taken on this dual responsibility of looking after themselves and their orphaned grandchildren were included in the process.
“A universal social security scheme will help,” she stated.
Wignaraja noted that a critical factor that magnified the concerns of the aged in Zambia was the spread of HIV and AIDS.
“This has caused a significant demographic dent in the population structure of Zambia, with the dependency ratio increasing as the percentage of young and old increases in relation to the number of those in their mid-adult years,” she stated. “…two-thirds of all orphans are in the care of grandparents whose economic status is weak.”
Wignaraja said this year’s theme was meant to examine progress towards achieving the MDGs from the perspective of empowerment of older persons, giving attention to their inclusion, their participation in society and promotion of a positive image of ageing.
“This day also acknowledges older persons as an increasingly major segment of society and opens an avenue for dialogue on the implementation of the Madrid International Plan of Action on Ageing and the United Nations Principles for Older Persons,” she stated.
Wignaraja stated that the Plan of Action called on the international community to better integrate the needs of older persons, especially the poor, into economic and social planning.
Labels: KANNI WIGNARAJA, PENSIONERS
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Workers sue Zamtel, Pensions Authority over unremitted K167.47 pension contributions
By Abigail Chaponda in Ndola
Wed 23 June 2010, 15:30 CAT
WORKERS at the privatization bound Zamtel Company Limited have sued their company and the Pensions and Insurance Authority for failure to remit their deducted funds to Zambia State Insurance Corporations Limited Pension and are claiming K167.47 billion.
According to a statement of claim filed in the Ndola High Court on Tuesday, Chilyobwe Kachusha and 2,300 others who are the plaintiffs were all employed by Zamtel under permanent and pensionable services and were members of Zambia Telecommunications Company Staff Scheme.
According to the claim, Zamtel deducted from the plaintiffs’ salaries as contributions totaling K22, 315, 606, 882.55 but failed, neglected or refused to remit the money to Zambia State Insurance Corporations Limited (ZSIC) Pension accounts at Barclays Bank, Buteko branch.
The workers claimed that K21, 202, 293, 801.26 stood as unremitted contributions for the period October 2008 to March 2010, while K1, 113, 313, 081 was the total in unremitted contributions for April 2010, all the monies due to the scheme totaling K22, 315, 606, 882.55.
“In May 2010, Pensions and Insurance Authority wrote to all members of the Zambian Telecommunications Company Limited staff pension scheme to advice that the Zambia Telecommunications Company Limited staff pension scheme was de-registered and the Pension and Insurance Authority took over distribution of the asserts of the fund,” read the claim.
“According to the actuarial report as at 31st March 2010, the scheme had accumulated a deficit of K167, 475, 439, 732.00 with an estimated accumulated employer and employees contribution of K99, 160, 452, 106.00.”
The workers stated that the K167, 475, 439, 732.00 arose as a result of the unremitted actions of Zamtel’s failure to remit contributions aforesaid and constitutes accrued benefits for distribution to the members of the scheme.
“In a defined benefits scheme such as the Zamtel company staff pension scheme, it is the duty of the employers to liquidate the deficit, in this case the Zamtel company has accrued rights of the members,” said the workers.
“Although Pensions Insurance Authority took over the distribution of the asserts of the fund, it has not to date paid the members. By reason of the matter, the plaintiffs have suffered loss and damage and the plaintiff claim K167, 475, 439, 732.00 accrued benefits from Zamtel company and interests and an order for distribution for assets by Pension Scheme Authority to Chilyobwe Kachusha and 2,300 others, costs and any other relief the court many deem fit.”
Labels: PENSIONERS, PRIVATISATION, ZAMTEL
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War vets approach Biti over pensions
by
06/05/2010 00:00:00
FINANCE Minister Tendai Biti on Thursday promised war veterans regular payments of their pensions after a holding a meeting with the ex-fighters who are also demanding that the monthly allowances be increased from US$50 to US$600.
The war veterans, led Joseph Chinotimba, went to Biti's office demanding that the government resume payment their monthly allowances which were cut off last year due to lack of funds in government coffers. Biti urged patience insisting the government did not have the resources to offer the demanded increase.
"Our economy is not yet performing. We need to wait a bit," the minister said describing the meeting as 'friendly'. Chinotimba said his members were not looking for a fight with Biti but wanted to discuss ways of alleviating the suffering of the former liberation fighters.
"He is an MDC (Biti), I am Zanu (PF) but he is in the GNU (Government of National Unity) so he deals with everyone, we did not come here to fight Biti, what we want is money," Chinotimba said.
In a letter addressed to the minister, the war veterans said they were wallowing in poverty adding efforts to clarify the issue with the Ministry of Defence’s Department of War Veterans Affairs had not been successful.
“It is disappointing to note that despite numerous efforts to get these monies, nothing fruitful has come out.
“The ministry that is responsible for administering these funds has openly and clearly pointed out that they have not received any allocations from the Ministry of Finance, the ministry you head,” the letter read in part.
The war veterans said they were also angered by the fact that while they failed to access their money, Minister Biti had made allocations to the ministries of Housing and Social Amenities as well as that for Information Communication Technology.
“War veterans are suffering and they are being taken for granted by these people. So we are saying we should act now before we die of hunger. What is housing and ITC when the comrades are hungry?” Chinotimba asked.
In 1997, following massive strikes by the war veterans, the government was forced to dish out ZW$50 000 to every former combatant for their role in the liberation of the country. In addition they were receiving monthly allowances and school fees for their children.
However the authorities have failed to sustain the monthly payments as the economy struggles to recover from years of decline.
Public sector workers have also been quite restive but treasury officials insist the economy is not generating enough funds to allow a significant review of salaries with the government wage bill said to be taking more than 70 percent of revenues.
The problem has been worsened by the unavailability of credit lines needed to boost activity in the productive sectors and the reluctance of western donors to provide substantive support to the country’s coalition government.
Labels: JOSEPH CHINOTIMBA, PENSIONERS, TENDAI BITI, WAR VETERANS
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‘Non-remittance of pension dues creating unpaid benefits backlog’
By Namatama Mundia
Thu 15 Apr. 2010, 03:30 CAT
THE Local Authorities Superannuation Fund (LASF) has said the institution has not been paying retirees their benefits on time because of non-remittance of pension contributions.
Making a submission to the parliamentary committee on economic affairs and labour chaired by Zambezi West UPND member of parliament Charles Kakoma yesterday, LASF managing director Remmy Pepala said non-remittance of pension contributions had created a backlog of unpaid benefits.
“Members who have retired have to wait before they are paid their retirement benefits. By the time they get their benefits, the value would have reduced due to effects of inflation and price increases in the commodities,” he said.
Pepala said the total amount not paid to retirees and their beneficiaries was K60.64 billion.
“As at 30th November, the total amount not paid to the retires and their beneficiaries was K60.64 billion broken down as follows: Zesco K37.84 billion, councils K19.49 billion, water companies K2.95 billion and National Housing Authority (NHA),” he said.
Pepala said associated authorities owed LASF K93.02 billion in form of un-remitted pension contributions as at November 30, 2009.
However, he said non-remittance of pension contributions still remained a challenge for the LASF.
“The current position is that associated authorities have continued to default in the remittance of members’ contributions to LASF. The persistent and debilitating liquidity problems faced by councils, particularly during the post decentralization era which commenced in 1980 has affected their ability to remit the contributions,” Pepala said.
And Pepala also submitted that LASF should be exempted from the National Pension Scheme Authority NAPSA Act if the Fund was to survive.
He also said the LASF Act should be amended to bring it in line with the current environment of social security.
Pepala expressed worry at the decline in the number of members that contributed to the fund, which stood at 9,843 as at November 30, 2009.
“The contributing membership has been declining because all new employees commencing employment on or after 1 February, 2000 are required to join the NAPSA as a basic scheme on a compulsory basis,” he said.
Pepala said this requirement of employees joining NAPSA on a compulsory basis had affected LASF in that it had not been receiving new members since February 2000.
“This provision also affects the Public Service Pensions Fund PSPF as new employees joining government service are now required under the same law to subscribe to NAPSA and not PSPF,” he said.
Pepala added that the membership for active contributing members had declined from 15,000 to 9,843 in November 2009 representing a 34 per cent reduction.
“It is projected that the Fund will have no contributing members by the year 2017 if the issue of exempting LASF from the NAPSA Act is not resolved. The long term implication of this position is that LASF has a finite lifespan and is headed for a wind up,” he said.
Pepala said currently the number of retired pensioners exceeded the number of active contributing members.
“This is a dangerous position because the social security principles require a scheme to have at least three or four active members for one retiree,” said Pepala.
Labels: CHARLES KAKOMA, LOCAL AUTHORITIES SUPERANNUATION FUND, PENSIONERS
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NAPSA bemoans inadequate coverage of labour force
By Florence Bupe
Fri 22 Jan. 2010, 04:01 CAT
THE National Pension Scheme Authority (NAPSA) has said it is faced with the challenge of covering mining industry employees because of certain stipulations under the investment agreements with government.
In his submission to the Parliamentary Committee on Economic Affairs and Labour yesterday, NAPSA director general Stanley Phiri acknowledged that some sectors of the labour force are not adequately covered in terms of pension schemes and other social security services because of the existing laws.
He said NAPSA was exploring ways to accommodate more workers under the scheme but lamented that some mining houses were giving the global economic crisis as an excuse for their continued exemption from remitting contributions to the authority.
“It is true that some mines have been exempted from ensuring that their employees belong to NAPSA and making remittances to the authority. This is giving us challenges in terms of ensuring that all employees are covered by social security services,” Phiri said.
“We are trying to address this challenge but some mines are giving us the excuse of the global economic crisis and this is delaying our efforts to get their workers on board.”
Phiri also said efforts were underway to encompass the informal sector in the scheme, as opposed to the current system which just accommodates the workforce in the formal sector.
During the question and answer session, Kafulafuta member of parliament George Mpombo observed that the current investment policies in the pension funds sector were outdated and archaic.
He said there was need to revise the policies in order to boost investments.
“The current investment policies are outdated and archaic and they are acting as brakes to development,” said Mpombo.
The Committee on Economic Affairs and Labour is chaired by Zambezi West member of parliament Charles Kakoma.
Labels: GEORGE MPOMBO, NAPSA, PENSIONERS, STANLEY PHIRI
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NAPSA sues Kabwe council over data
By Justine Katilungu in Kabwe
Sat 21 Nov. 2009, 04:00 CAT
THE National Pension Scheme Authority (NAPSA) has sued the Kabwe Municipal Council (KMC) for refusing to avail information on the number of workers that are supposed to pay contributions.
The authority has again sued the council alongside other Kabwe companies for failing to remit workers’ contributions amounting to K60 million.
NAPSA head of prosecution James Sinyangwe told journalists in Kabwe yesterday that the authority would not hesitate to clamp down on other erring companies.
Sinyangwe named the companies as KMC, Grants Milling Corporation, Central Growers Association and Mulubila Lodge.
"Following our operation in Kabwe yesterday, we have sued these companies for failing to remit workers' contributions to the authority as per law.
"For KMC, it is sad that the local authority refused to avail us the number of workers that are supposed to make contributions and as such we have sued them," he said.
Sinyangwe said that the matters for the four companies were supposed to come up in the Kabwe magistrates’ court between December 8 and 10, 2009.
Labels: KABWE MUNICIPAL COUNCIL, NAPSA, PENSIONERS
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Lusaka lawyer asks govt to unbundle public pension funds
Written by Nchima Nchito Jr
Monday, August 17, 2009 2:05:29 AM
LAWRENCE Sikutwa and Associates Group chairman Lawrence Sikutwa has asked the government to consider unbundling public pension funds.
During the launch of the Madison Asset Management Company Limited (MAMCo) in Lusaka on Friday, Sikutwa said the government should introduce legislation that would allow private asset management companies to participate in managing public pension funds.
“The unbundling of public pension funds would enhance transparency and improve efficiencies in the management of public funds as a result of the competition that would be created,” he said.
Sikutwa further identified lack of knowledge and understanding of unit trusts as a factor of low penetration rates in this sector.
And Sikutwa said MAMCo was currently managing approximately US $60 million (about K285 billion) worth of assets.
Sikutwa said the company had close to 200 clients in unit trusts, 30 in stock broking and 15 in fund management with more rapid growth still expected.
“MAMCo’s key focus is on product innovation, high quality services and exceptional support to retail and institutional investors,” Sikutwa said. “With the group’s strong focus in the financial services sector supported by its wide branch network, MAMCo will leverage on this strength to gain a foothold in major cities in the country and the region.”
Sikutwa said the introduction of MAMCo in the market would bring competition in the asset management sector, increase trading activity and improve price discovery on the stock exchange.
“We expect healthy competition whose benefits will trickle down to the investors and consumers of financial services,” said Sikutwa.
MAMCo was established in 2008 and is licensed by the Securities and Exchange Commission (SEC) to provide investment policy and fund management services, and is a member of Lusaka Stock Exchange (LuSE).
Labels: LAWRENCE SIKUTWA, MADISON ASSET MANAGEMENT COMPANY LTD (MAMCO), PENSIONERS
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Pensioners from Zimbabwe face poverty in Britain
Nancy Pasipanodya
Mon, 10 Aug 2009 16:52:00 +0000
OVER 60 white pensioners with British passports who were repatriated from Zimbabwe face destitution in Britain as the country is failing to provide them with adequate food and shelter.
A survey carried out by the Zimbabwe Guardian reveals that many of the repatriated pensioners are still in temporary accomodation awaiting to be allocated housing. Many of them still do not get a decent meal and are yet to receive the promised benefits.
Pensioner poverty rates in the UK are already at unacceptably high levels and this latest news adds to the gloom.
Many of the pensioners, who are over 60 years of age, are unlikely to find decent accommodation in time for winter, which is only a few months away.
In June this year, Britain started repatriating pensioners with British passports and living in Zimbabwe.
The Zimbabwean government said the move by Britain was racist and was an admission that the illegal sanctions imposed by that country were not targetted to top leadership only; but were indiscriminate and targetted every Zimbabwean.
A pensioner who wanted to be identified only as Mark told the Zimbabwean Guardian that since he entered the UK he has only heard from the authorities twice.
"We have been provided with this shelter and food here in Leeds and nothing else.
"We are still to be properly registered with social services. No one seems to know or care where we are and about our welfare," said Mark who said he was 69 years old.
"We do not even know where to go to claim the money that we have been promised."
Mark left Zimbabwe at the end of June. He said he was promised decent accomodation and a weekly allowance. He still hasn't received any payment and still has nowhere decent to live.
British pensioners are among the poorest in the European Union, with nearly one-third of the elderly living in poverty, according to new European Commission statistics.
One in five pensioners in the UK are classed as living in relative poverty.
The figures, published by Eurostat, compared relative poverty in the 27 member states and showed 30% of UK over-65s were at risk of poverty in 2007, the same proportion as in Lithuania, and put Britain fourth in the poverty league of nations.
Recent research showed one in five people aged 60 and older are skipping meals to save money on food, while two-fifths are struggling to afford essential items. Seven in 10 over-65s are resorting to thrifty skills from the war and post-war years to help them through the recession.
Labels: PENSIONERS, UK
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