NAPSA HAS BECOME A FORCE TO RECKON WITH – TAMBATAMBA

The Minister of Labour and Social Security, Honourable Brenda Mwika Tambatamba has commended the National Pension Scheme Authority Board of Trustees for sustaining the growth of the pension scheme and storing it towards its mandate of contributing to economic growth and taking care of employees post retirement. The Minister said the Republican President and the government were greatly impressed by the success that NAPSA has recorded against serious concerns from some sections of society that the scheme might fall especially after the payment of about K10 billion of the newly introduced Pre-retirement lump sum benefit popularly known as partial. She was speaking at an exit meeting to mark the end of the three-year term for the NAPSA Board of Trustees.

“During the three years you have been in the board you have managed to grow the fund from K54bn in 2021 to K87 billion in 2024. If we add the K10bn that has been paid out in form of the new Pre-retirement lump sum benefit, we would be talking about K97 billion fund. This is impressive performance for which you deserve kudos. In addition to this success, NAPSA has become a force to recon with and a big player in addressing national economic challenges such as electricity shortage and infrastructure development. The example of $300 million Lusaka-Ndola Road upgrade to dual carriageway and the recent $200 million investment in the expansion of Maamba Energies are there for everyone to see. This is what the President meant when he said he wanted people who would drive his vision to resuscitate and grow the economy. I know he is following what is happening at NAPSA and he is very impressed. Well done and kudos to the entire Board of Trustees, Management and the staff of NAPSA. This is the NAPSA we want,” said Tambatamba.

The outgoing Chairperson of the Board of Trustees, Mr Shipango Muteto thanked the minister and the government for giving him and the board of trustees the opportunity to serve the people of Zambia. He gave tribute to the Minister for the support and guidance she provided during the board tenure. “Honorable Minister, you supported us and provided all the leadership the Board required. This made our work not only easy but also enjoyable because we knew we had where to run if we needed any help. For example, if we needed to escalate some matters that needed urgent attention you never hesitated. You held us accountable and kept us in check at every point. We believe that we have built a strong foundation where the scheme can continue to grow to even greater heights,” said Muteto. NAPSA Director General also commended the Board for a cordial working relationship with management. He pledged that management would focus on growing the fund to K100bn by 2026 as envisaged in the 2022-2026 strategic plan standing on the strong foundation built by the board.