By Leah Ngoma
The National Pension Scheme Authority-NAPSA- has clarified that the assented National Pension Scheme Bill by President Hakainde Hichilema has revised the minimum age limit for one off early access to Zambia National Provident Fund-ZNPF benefit from 50 to 36 years.
Addressing the media in Lusaka this afternoon, NAPSA Director General Muyangwa Muyangwa explained that the bill has also revised the penalty rate from 20 percent to 10 percent for delayed payment of contributions and this will apply to new penalties incurred after coming into effect of the new law.
Mr. Muyangwa says the new law further provides for a waiver of penalties on conditions that the ministry may by statutory instrument prescribe.
He says the revision of the minimum age limit required to access ZNPF benefits entails that all members who contributed to the fund between 1966 and 2000 and have not made a claim can now do so without waiting to reach 50 years.
CREDIT: PHOENIX NEWS