NATIONAL Pension Scheme Authority (NAPSA) director general Muyangwa Muyangwa has reassured the public that the 20 per cent partial withdrawal of benefits will not affect the the overall benefits.
Speaking during a Hot FM’s Breakfast programme this morning, Muyangwa said he was aware that people think that the 20 per cent will damage the NAPSA scheme but assured that the funds are safe.
He said the 20 per cent was recommended in a report.
“This (20 per cent benefits withdrawal) is not something that will threaten NAPSA from executing it’s obligations for members, to its members as when they want to access the benefits that are under the scheme ” he said.
Muyangwa said that the partial withdrawal has no end and that there is nothing like it can expire.
“But it’s only once in your life time that you can exercise that right,” Muyangwa said.
He further disclosed that K11 billion Kwacha that is available for the partial withdrawal will stimulate a lot of economic activities, once injected in the economy.
“Imagine K11 billion injected into an economy, whatever size of the economy! K11 billion is a lot of money,” he noted.
“The stimulation of economic activity is… you cannot even predict what is going to happen? But what we know is that liquidity is going to spare a lot of economic activity and that’s what we need.”
He said for some, the 20 per cent may seem little but it’s what people who are queueing up are in need of.
Meanwhile, Muyangwa said as at yesterday, 27 people were paid a total of K1.3 million and he projected the amount to grow to about K10 million, once NAPSA reaches about 100 people.
By Moses Makwaya
Kalemba April 21, 2023