Hon. Tambatamba Launches 2024 Pensions Awareness Week to Promote Retirement Security
The Minister of Labour and Social Security, Hon. Brenda Tambatamba has officially launched the 2024 Pensions Awareness Week at the Southern Sun Hotel under the theme, “Empower Your Future: Dignify Your Retirement with a Pension.”
This week-long initiative aims to emphasize the importance of retirement planning and ensure financial security for Zambians in their later years.
In her address, Minister Tambatamba highlighted the government’s dedication to enhancing pension access, especially through its alignment with the National Financial Inclusion Strategy (2024-2028). This strategy aims to broaden the reach of quality financial products, making them accessible to a larger portion of the population.
The Minister emphasized the significant role pensions play in economic stability, as contributions from both employers and employees drive investments, job creation, and economic growth.
To support these aims, recent reforms such as the National Pension Scheme (Penalty Waiver) Regulations, 2024, were introduced, offering penalty relief for employers and a new partial withdrawal benefit allowing earlier investment in retirement funds.
Inclusivity remains at the forefront of the government’s agenda, with plans to create a sustainable pension system catering to both formal and informal sectors, ensuring fair access for all Zambians.
A call to action was made for employers to assist employees in understanding their pension benefits, fostering a culture of financial security and retirement readiness across the nation.
The Minister also recognized the Pensions and Insurance Authority, the Zambia Association of Pension Funds, and other providers for their role in promoting financial literacy and inclusion.
