Musokotwane Challenges Pension houses to improve

By Angela Limwanya

Finance and National Planning Minister SITUMBEKO MUSOKOTWANE has urged Africa Pension Supervisors to address the challenge of low pensions being paid out to beneficiaries.

Dr. MUSOKOTWANE says many pension houses especially those associated with the public sector are not financially viable because of the quality of investments and earning therefore cannot provide good pension schemes.

He has also called for technological advancements, such as mobile based pension solutions that will overcome logistical barriers and reach previously underserved populations.

Dr MUSOKOTWANE was speaking during the official Opening of the 5th Annual Africa Pension Supervisors Association -APSA- Conference in Livingstone.

At the same event, Labour and Social Security Minister BRENDA TAMBATAMBA, said the Zambian government has developed the national strategy on extension of social security coverage to the informal sector.

Meanwhile, Africa Pension Supervisors’ Association Chairperson, ZAREENA CAMROODIEN has said the association’s goal is to create dynamic platforms that help address challenges in Africa with tailor made solutions.