State vice-president Saulos Chilima has said he will introduce a welfare benefit scheme or the state old-age pension scheme for all Malawians aged 65 years and above once he becomes the country’s president under the banner of United Transformation Movement (UTM). Chilima made the pledge on Friday during his Imbizo-style whistle-stop meetings in Lilongwe […]
The Reserve Bank of Malawi (RBM) Monday launched a weeklong awareness campaign on the importance of pension and insurance schemes in the country. 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 […]
A senior government official has suggested Capital Hill might contact pension fund managers to borrow some money in order to fund the construction of some more hydro-electric power stations as a long time plan to ease the current electricity problems. Secretary to Treasury Ben Botolo said the pension fund has K500 million to K600 million lying idle elsewhere which […]
The recent reports in the media that industrial strikes are on the rise due to employers failing to remit pension contributions to fund administrators should not be taken lightly. It is reported that Blantyre District Labour Office receives numerous complaints from employees that monthly deducted pension contributions are not remitted to fund administrators. This is a serious setback to pension reforms and without immediate regulatory […]
A government labour officer has said industrial strikes are on the rise because employees are not happy that empoyers do not remit to pension fund managers deducted money. Blantyre District Labour Officer Frank Adini said his office is receiving numerous complaints on the matter. “This is fueling the current spate of industrial strikes,” he said. […]
Treasury says it has again put on hold the K350 billion civil service compulsory pension scheme which was expected to take off in this new financial year because the government is too broke to implement such a scheme. This is the third year running that the government has postponed the implementation of such a scheme […]
Member of Parliament for Lilongwe Mpenu Nkhoma, Collins Kajawa (MCP) has asked Minister of Finance, Economic Planning and Development Goodall Gondwe to come clear on the pension scheme. “The Minister has ably defined government’s intention to resolve the issue of pensions and gratuities. However, he has not clearly defined how he will set aside the funds […]
Public Service Pensioners Association (PUSEPA) has said it is excited with what the Minister of Finance, Economic Planning and Development Goodall Gondwe told the nation in Parliament that government, in the 2015/16 budget, has planned to pay all pensioners their arrears to stop their misery which came due to no -payment of their retirement and […]
Malawi Congress Party (MCP) spokesperson on finance Joseph Njobvuyalema on Wednesday quashed the amendments in the Pension Bill, saying they did not make sense when there had been bigger complaints from workers on the Pensions Act. Minister of Finance, Economic Planning and Development Goodall Gondwe tabled the bill, seeking an amendment to Section 2 of […]
Malawi government has considered to amend the Pension Act when parliament meets for Budget session from 1st September. Leader of the House Francis Kasaila said “One of the bills that will be tabled in the budget meeting is an amendment bill to the Pension Act” He said “Cabinet has already given a go ahead to the tabling of […]
Public Service Pensioners Association (PUSEPA) has called for government’s consideration to revert to paying pensioners through Treasury Cashiers (TCs)and not the current bank accounts. The development comes at a time when the Pensioners Association will be conducting its 17th Annual General Conference on Friday this week where delegates will elect new National Executive Committee members including president. Pusepa Secretary […]
When I first read the Pension Act, it was clear then that the legislature decided to promote defined contribution funds (DC fund) as the preferred type of fund in Malawi. To remind some of the readers, there are fundamentally two types of pension funds: DC funds and Defined Benefit Fund (DB fund). A DB fund promises a fixed monthly benefit at retirement. […]
Malawi judiciary says pension benefits accrued before enactment of the Pension Act must be accessed by members even before reaching retirement age. The Industrial Relations Court (IRC) made this ruling on Monday where it ordered Blantyre Water Board (BWB) and its insurance company, Old Mutual, to pay the board’s 77 retrenched employees their pension benefits […]
Instead of leading the company to greater heights, executive management at Carlsberg Malawi Limited are busy brewing, not beer but, trouble with their employees. Sources at Africa’s only Carlsberg plant confided in Nyasa Times this week that they suspect some members of the executive management to have connived to rip them off their pension benefits. […]