Government says it has delayed the mandatory contribitory pension scheme for civil servants because of lack of resources.
Spokesperson for Finance ministry Nations Msowoya said the government needs K380 billion as a starter up fund to kick start the scheme.
“After the K380 billion, the government will be pumping in K50 billion annually,” said Msowoya.
He said the government intends to roll out the scheme in phases starting with those less than two years and below.
Msowoya said implementing the scheme in phases will ensure efficiency of the scheme.
Currently the government funds 100 per cent of the civil servants pension fund.Follow and Subscribe Nyasa TV :