Chakwera assents to 4 bills into Law

President Lazarus Chakwera has assented to four bills including the much awaited pensions bill.

Among others, the bill provides for increasing proportion of pension benefits to be paid as a lump sum at retirement from 40 % to 50%.

President of Life and Pensions Association Stain Singo has welcomed the development saying it has considered the economic challenges that people faced after retirement.

Singo has, however, expressed concern over the 150 million kwacha penalty imposed on companies that fail to remit  their employees pension contribution. He, argues, many companies are not doing well financially at the moment.