NAPSA Extends Relief: K20 Billion Penalties Waived on Late Contributions
The National Pension Scheme Authority (NAPSA) has taken a significant step in providing financial relief to employers by waiving over K20 billion in penalties imposed on contributions made after the due date.
This move comes in the wake of the enactment of the NAPSA Penalty Waiver Regulations of 2024, outlining terms and conditions for the implementation of this initiative.
NAPSA Director General, Muyangwa Muyangwa, addressed the media in Lusaka today, highlighting that the regulations empower the authority to grant a full 100 percent waiver for penalties related to the Covid-19 period and up to 75 percent for penalties incurred outside this specific timeframe.
Mr. Muyangwa emphasized that the primary objective of this waiver is to offer financial respite to employers. It provides them with an opportunity to settle outstanding contributions without the looming threat of higher penalties.
The move is a strategic response to support businesses in meeting their financial obligations during these challenging economic times.
He further urged employers across the country to seize the opportunity presented by the enactment of the Penalty Waiver Regulations of 2024 and ensure the prompt settlement of their outstanding contributions to NAPSA.
This measure aims to foster a cooperative environment between businesses and the pension authority.
Source: Zambia Today
