Gov’t Injects K200M into LASF, Launches 2024–2026 Strategic Plan
The Government has injected K200 million into the Local Authorities Superannuation Fund (LASF) to strengthen its capital base, clear pension arrears, and ensure retirees receive their benefits on time.
The announcement was made by the Minister of Local Government and Rural Development, Hon. Gift Simuunza Sialubalo, MP, during the launch of the LASF 2024–2026 Strategic Plan in Lusaka. The disbursement forms part of the K400 million allocated in this year’s budget, bringing total Government support to the Fund since 2017 to K1.6 billion.
Hon. Sialubalo stressed that the capitalisation demonstrates the Government’s determination to safeguard the welfare of workers who devoted their careers to public service.
“This programme shows that pension reforms are not just policy pronouncements but actions backed by resources. Pensions are not a privilege; they are a right earned through years of service. We must therefore administer them with fairness, urgency, and compassion,” he said.
The Minister highlighted that the newly launched Strategic Plan is aligned with the Eighth National Development Plan (8NDP) and is designed to modernise the pension system. Its priorities include dismantling arrears, reducing the pension benefit waiting period to three months in line with the Presidential directive, reviewing the LASF Act to expand membership, and strengthening governance for greater transparency and accountability.
He further called on the LASF Board, management, unions, employers, regulators, and other stakeholders to actively support the implementation of the reforms.
The launch event was attended by senior government officials, representatives of NAPSA, PSPF, the Pensions and Insurance Authority (PIA), labour unions, and other stakeholders.
In concluding, Hon. Sialubalo described the Strategic Plan as marking “a new era of efficiency, transparency, and sustainability where every retiree can look to the future with hope and dignity.”
