Pro Veritas Consulting Group Limited has become Malawi’s first licensed Pension Advisor after being issued a license by the Registrar of Financial Institutions. The license allows the company to provide professional and technical advice to pension funds, provident funds and their members on governance, compliance, investment oversight, risk management and retirement planning. Pro Veritas Executive […]
Government has finally cleaned the pensioners wage bill, deleting 950 pensioners in the process. This follows the completion of a headcount exercise. The Accountant General’s office conducted the exercise to ensure that the government is not wasting resources on ghost workers and false pension beneficiaries. Earlier, the Treasury disclosed that billions of kwacha have over […]
A lot of employees are not adequately informed of how the pension scheme system works and its benefits, a development that is leading to a lot of misinformation through social media. Thus the country’s leading insurance company, NICO Pension — in partnership with the Reserve Bank of Malawi (RBM) — invited pension trustees and employers […]
Malawi Parliament will deliberate on Amendment Bill in Pension Act of 2010 seeking to allow workers to access their funds three months after loss of employment, down from six months as is stipulated in the 2010 Act. The amendment seeks also to allow use of the pension funds as collateral for property ownership such as […]
Pension Act Amendment Movement is asking Parliament when it convenes next month to amend the Pension Act of 2010, which it finds to be technically antagonistic to the idea of creating more jobs for the youth since older employees cling on to their jobs in order to clock mandatory retirement age of 60 years. The […]
National Bank of Malawi (NBM) Unrestricted Fund Pension Fund Limited has merged with Indetrust Limited Pension and Death Benefits Fund and will now be known as NBM PAL Unrestricted Pension Fund. Making the announcement in a statement, NBM Pensions Administration Limited chief executive officer, William Mabulekesi said the merger is in compliance with the Pension […]
Private school teachers, hit hard by the freeze of their monthly pay due to covid-19 prolonged closure of schools, say they are not able to access their pension funds as earlier announced by the government. The teachers are facing financial hardships with some of them facing evictions from houses due to non-payment of rent. One […]
The Centre for Democracy and Economic Development Initiatives (CDEDI) has asked the Tonse Alliance-led to waive conditions for the administration of pension funds as one of the measures to mitigate the suffering some Malawians are going through after losing their jobs due to coronavirus disease (Covid-19) pandemic. CDEDI acting executive director Sylvester Namiwa believes waiving […]
Pensioners will have to wait a little longer before getting their pension as the department of Accountant General says this is due to technical problems with the Integrated Financial Management Information Systems (Ifmis). The department says pensioners were expected to receive their monthly pension on June 14, 2020 the official day. “Due to this technical […]
Government is this June deleting 4024 pensioners from payroll for failure to avail themselves for pay parade. The outgoing Secretary for Treasury Cliff Chiunda says in a statement that the government has 37,984 pensioners on its payroll but only 33, 960 came for the verification exercise. “The remaining 4024 pensioners failed to avail themselves for […]
About half a million Malawian pensioners are expected to benefit from a government scheme whose purpose is—to a greater extent—aid their day-to-day lives for the better hotly due to their diminished revenues. Zomba Chingale MP John Chikalimba of Peoples Party (PP), who is spearheading the move in parliament, said once instituted—most probably this year—men and […]
NICO Pension, a subsidiary of Malawi’s leading financial service provider, NICO Life has expressed concerned that non-compliance by some companies to submit their employees’ contributions is affecting the pension administration services. General Manager for NICO Pension, Gerald Chima said this on Wednesday at Mount Soche Hotel in Blantyre during the opening of a two-day ‘NICO […]
NICO Pension Company a subsidiary of Malawi’s leading insurance company NICO Life which offers pension services product in the country has expressed concerned over lack of compliance among the employers which is affecting the running of pension administration services. General Manager for NICO Pension, Gerald Chima said at Mount Soche Hotel in Blantyre during the […]
Reserve Bank of Malawi (RBM) is considering to liquidating pensionable gratuity scheme as cost cutting measure, it has been learnt, Nyasa Times understands. The move comes amid general public outcry over the scheme shortfalls as retirement packages are currently disadvantaging employees since Pension Act was introduced in 2010. The central bank introduced the Pensionable Gratuity […]
Senior citizens who are on government pension scheme are back on parade in their respective districts as Treasury says the head count is aimed at establishing the exact number of the retirees who draw money from public coffers. Ministry of Finance and Economic Development spokesperson Davis Saddo said the government wants to tally the number […]
Elderly people whose age are from 65 and above will from next year start getting a monthly pension of K20 000 from government after Parliament in Lilongwe unanimously passed a state old-age pension scheme. The motion was moved by Zomba Chingale MP John Chikalimba of Peoples Party (PP). Most of the members of parliament who spoke […]
After State vice-president Saulos Chilima promised to introduce a welfare benefit scheme for all Malawians aged 65 years and above once he becomes the country’s president under the banner of UTM party, an opposition legislator is taking the matter in Parliament with a motion to introduce the state old-age pension scheme. The planned motion is […]
Vice-President Saulos Klaus Chilima on Monday held a rally in Thyolo and said once his UTM party is voted into power in the2019 Tripartite Elections, he will introduce pension scheme for all Malawiansaged 65 years and above who will be getting a K15 000 monthly allowance. Chilima has been holding a series of meetings from […]