Govt accused of dragging feet

Government should implement the national pension fund plan immediately.

24 January 2019 | Local News

Social commentator Herbert Jauch feels that the government has been dilly-dallying for too long with the idea of implementing a national pension fund and says it should be implemented as a matter of urgency.

He made the comment recently when sharing his views on the ambitious plan that has been in the works for over a decade.

“The national pension fund is ten years too late, it is long overdue. I am disappointed that it took so long,” said Jauch. The idea of introducing a national pension fund is noble, Jauch felt, as it would assist many workers after retirement.

“The lack of urgency is something that must change; it is time to implement. The longer one takes to implement, the more people potentially end in despair post-retirement,” Jauch said.

The Social Security Commission said earlier this week that it was reviewing recommendations it had received.

“The revised policy is currently being updated by the national pension fund team for consideration and approval by the minister of labour and the management of the ministry,” said its spokesperson, Unomengi Kauapirura.

She added that the national pension fund could become operational this year still.

“If all project deadlines are met, the national pension fund should be fully operational by the middle of year 2019,” said Kauapirura.

Retirement Fund Solutions board chairperson Tilman Friedrich feels that the national pension fund should encompass three critical elements to make it work.

According to Friedrich, the Melbourne Mercer Global Pension Index has identified three primary and many secondary measures against which global pension systems should be measured. The three primary measures are adequacy, sustainability and integrity.

“Any proposed national pension fund model should be benchmarked against other similar social security schemes around the globe. It should aim to offer good benefits on a sustainable basis and should foster the trust and confidence of all participants,” Friedrich said.

“It serves no purpose to introduce an arrangement that does not answer positively to any of these three key preconditions,” Friedrich added.

He warned that a model duplicating the way pension funds are managed in the private sector could wreak havoc.

“It is in my opinion also important that in a country with scarce financial resources and skills, duplication should be avoided for the sake of preserving our scarce financial resources.

“The existing well-developed retirement savings industry should not be uprooted and replaced by something totally new, for the sake of preserving scarce financial resources and skills,” Friedrich said.

According to the SSC, 391 469 employed people did not belong to any pension fund in 2016.

Plans to establish a national pension fund go back as far as 1994 with the passing of the Social Security Act.


Similar News


Renewed calls to report, end GBV cases

1 hour ago | Local News

Renewed calls have been made for victims of gender-based violence (GBV) to be empowered to report it, and for coordinated action to stop the crime,...

Rundu has a livestock problem

1 hour ago | Local News

The Rundu town council has urged residents keeping livestock within the town boundaries to remove them.The council also warned farmers from surrounding villages that their...

Namibia e li potango miilongo yi na iikundaneki yamanguluka...

1 hour ago | Local News

Epangelo olya tsuwa omukumo opo li ninge oonkambadhala dhokuyambulapo omukalo gwokumona omauyelele ngele Namibia ota kalekepo onkatu ye, mpoka oshilongo shili ngashiingeyi momusholondondo...

Hengari suspended

10 hours ago | Local News

The Namibia Wildlife Resorts board has suspended the company’s managing director Zelna Hengari. The news follows after the board chairman Leonard Iipumbu, early in April...

Bipa millions still unrecovered

1 day - 23 April 2019 | Local News

The Business and Intellectual Property Authority (Bipa) says recovering the millions spent to buy a former bar in Wanaheda is proving to be a complicated...

UPM wants Rehoboth by-elections

6 days ago - 18 April 2019 | Local News

The United People's Movement (UPM) has called for by-elections to take place at Rehoboth, following the en masse suspension of the town's councillors last year.The...

Namvet plans court challenge

6 days ago - 18 April 2019 | Local News

The Namibia War Veterans Trust (Namvet) says it will soon launch a court challenge to continue its fight to get former SWATF/Koevoet soldiers recognised as...

More salvos fired at Namport

6 days ago - 18 April 2019 | Local News

The Economic Association of Namibia (EAN) has leapt to the defence of independent analyst Rainer Ritter, whose recent assertions about Namport's massive harbour investments were...

Namvet ta pangele okuya kompangu

6 days ago - 18 April 2019 | Local News

Ehangano lyoNamibia War Veterans Trust (Namvet) olya popi kutya otali ka ya kompangu moonkambadhala dhokukondjitha opo aakwiita nale yoSWATF/Koevoet ya dhidhilikwe onga oonakulwa aakulu.Omupopiliko gwoNamvet,...

Men urged to raise voice against GBV

1 week ago - 17 April 2019 | Local News

At least one in three Namibian women faces some form of violence from a man, which underlines the urgent need for men to take centre...

Latest News

Warning of dire food shortages

1 hour ago | Disasters

The latest Crop Prospects, Food Security and Drought Situation Report has predicted massive reductions for all crop-producing areas in the expected harvest season, including cereal...

Solving your challenges with remuneration

1 hour ago | Business

We live in an environment of continued cost-constraints, skills shortage and labour mobility. At the same time, there is pressure to improve productivity, and improve...

ACC: Budget not enough to...

1 hour ago | Economics

CATHERINE SASMAN The Anti-Corruption Commission (ACC) says the N$61.6 million budget proposed for its operations is woefully inadequate.The...

Do good for others

1 hour ago | Opinion

Human rights are needed to protect and preserve every individual's humanity. The Universal Declaration of Human Rights is clear in highlighting the basic rights and...

Violent Easter weekend

1 hour ago | Crime

The four-day Easter weekend was marred by a spate of violent crimes including a dozen reported sexual assaults and armed robberies, in addition to a...

Watch your mouth

1 hour ago | Politics

Only half of Namibians believe that they have the right of freedom of association, says an Afrobarometer policy paper titled 'Are Africans' freedoms slipping away?'...

E-tax rollout postponed again

1 hour ago | Economics

The finance ministry introduced a new electronic income-tax filing system in January, but deadlines are repeatedly being postponed.The date when the new system must become...

Managing fall armyworm

1 hour ago | Agriculture

The Food and Agriculture Organisation (FAO) has formulated a framework for partnerships for the sustainable management of fall armyworm in Africa which will focus on...

Meat Board sub-committees meet

1 hour ago | Agriculture

The Livestock Producers' Organisation (LPO) is represented on various sub-committees of the Meat Board and these committees met to discuss issues affecting the sector. The...

Load More