Reserve Bank of Malawi launches pension, insurance awareness campaign

The Reserve Bank of Malawi (RBM) Monday launched a weeklong awareness campaign on the importance of pension and insurance schemes in the country.

Daliso Kabambe : Reserve Bank Governor: any people find it hard to live a better life after retirement

The campaign will run from April 30 to May 5 next week under the theme ‘Pension and Insurance for All.’

RBM governor, Dalitso Kabambe, said the core objectives of the campaign are to promote consciousness of pension among workers, employers and the general public with the ultimate objective of increasing the number of members in the national pension scheme.

He also said the awareness seeks to promote awareness of insurance among Malawians so as to stimulate uptake of insurance products and services with an aim of increasing insurance penetration, expressed as a ratio of premiums to gross domestic product (GDP).

Kabambe noted with concern that matters of pension and insurance tend to be given less priority in decision making of individuals and households in the country despite being very crucial.

“This is reflected in the low numbers of people with pension schemes,” he said.

He added: “The consequences are that many people find it hard to live a better life after retirement.”

During the awareness week, RBM in conjunction with the Insurance Association of Malawi, Life Insurance and Pension Association of Malawi, Insurance Brokers Association of Malawi, Malawi Congress of Trade Union (MCTU) and Employers Consultative Association of Malawi will undertake various activities aimed at bringing awareness about pension and insurance.

The lined up activities include roadshows, radio and television messages on pension and insurance, pension workshops for union leaders; and insurance products exhibitions at various places in the cities of Blantyre, Lilongwe and Mzuzu.

Kabambe warned that Reserve Bank will name and shame institutions which fail to remit pension deducted from their workers to the pension administrators.

“Should that fail too, the Reserve Bank of Malawi will have no choice but to prosecute all those that have long outstanding contribution arrears,” said Kabambe.

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One of the problems of African government ta is that they fail to implement policies they adopt. Let’s face it Malawi has failed to implement the Pension Act. Malawi also has a weak regulator whose capacity is weak. The Pension Act says that pension contributions must be paid. Em0loyers have not paid and instead of enforcing this for the last 6 years you hold a road show instead? The problem is that this will leave workers who reach retirement to having to enforce the Pension Act by themselves. This is not right. Pension members should be able to rely on… Read more »

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