25.10.2022, Lusaka. The International Social Security Association (ISSA) has awarded the National Pension Scheme Authority (NAPSA) three certificates of excellence in the areas of information and communication technology, quality of services and extension of coverage. The certificates were presented to NAPSA Director General Muyangwa Muyangwa at the General Assembly of the World Social Security Forum currently taking place in Marrakech, Morocco. Today, NAPSA was created to provide income security against the risk of retirement (old age), death and disability, with a greater focus on benefit adequacy and monthly pension collection than the cancelled ZNPF. This is achieved by paying various types of benefits to its members. NAPSA monthly pensions are paid to the member for life and converted to a survivor`s pension in the event of the participant`s death. Invalidity pensions are converted into old-age pensions when the member reaches the normal retirement age. A delegation from the National Provident Fund in Eswatini is in Zambia to learn about NAPSA`s successful transition from a pension fund to a pension plan. This is in the context of their ongoing reforms to move from a pension fund to a pension plan such as NAPSA.
This morning, the delegation, led by the Minister of NAPSA, proposes a minimum pension. This is the lowest monthly old-age or disability pension paid in a given year and is calculated as follows: the maintenance of the pension depends on the annual presentation of a life pension certificate by all pensioners (retirement, disability and survivors). The national pension system is contributory, which means that workers covered by the scheme must make monthly contributions through their employers and self-service in order to acquire entitlements that entitle them to benefits. We invest your money, expand the fund and thus ensure the security of your pension. A NAPSA member is a person duly registered with NAPSA, who has received a social security number (and card) and who contributes to the scheme under the National Pension Scheme Act No. 40 of the Laws of Zambia No. 40 of 1996. The National Pension Scheme Authority (NAPSA) was established in February 2000 by the Zambia National Pension Scheme Act No. 40 of 1996. This person is entitled to a NAPSA benefit in the event of retirement or disability.
20% of the applicable national average wage (NAB) in the year of retirement or disability, as determined by the Central Bureau of Statistics. The registration/modification form of a member plays a central role when it comes to a member. Therefore, a member can complete this form as many times as possible if they have changed jobs, married or divorced. They can also intervene if a new baby is born into the family or if one of their designated beneficiaries dies. Employees should ensure that they complete a new form if any of the following occur: Employee registration has also been simplified by completing and submitting a mandatory registration or change of member form. NPS 421. This form is available at all NAPSA offices, including mobile offices, for people living in remote and remote areas. It is very important that members fill out this form as you will access the address via the link provided. (2) Make a Facebook appointment online and queue faster and faster! Since membership of the National Pension Scheme is compulsory and the following workers are covered among many others: (f) National Pension Scheme Amendment Bill 2022. The Cabinet also approved in principle the submission to Parliament of a bill to amend the National Pension Scheme Act No.
40 of 1996 to allow members of the scheme to receive a portion of contributions before retirement. The New Dawn administration made one. All lump-sum benefits are determined on the basis of the following: Conversely, certain categories of employees are exempt from NAPSA membership, including: It is important for everyone to note that any non-Zambian employed in Zambia is expected to provide correct information to the authority. The Authority therefore takes the following position on its registration: While there are many important facts about the contribution payment process, it is very important that every employer and employee know the following: This followed the closure of the Zambia National Provident Fund (ZNPF) after the repeal of the relevant law under which it was established. This means that the ZNPF has not received any contributions since 31 January 2000.