National pension fund hits new snag

22 January 2019 | Government

The much-anticipated establishment of the national pension fund has hit another snag.

Social Security Commission (SSC) spokesperson Unomengi Kauapirura told Namibian Sun that the pension fund task team is revisiting some of the design recommendations.

“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 Kauapirura.

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

According to Kauapirura, the ministry has reviewed the documents and recommended further revisions of the recommended design, following a consultation and briefing session between the labour minister, ministry officials and the SSC board in March 2018.

“Once the policy is approved, it will require the drafting of a Social Security Pension Scheme Bill to be submitted to parliament,” she said.

Kauapirura said once implemented the national pension fund would act as a social protection tool.

“The envisaged national pension fund will ensure income security in old age, help participants to maintain a decent standard of living and help lift participants and their dependents out of poverty.”

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 as far back as 1994, with the passing of the Social Security Act.

OGONE TLHAGE

Similar News

 

Fuel taps close for bigwigs

3 days ago - 24 September 2020 | Government

OGONE TLHAGEWINDHOEK The Public Office-Bearers (Remuneration and Benefits) Commission has moved to implement a directive by President Hage Geingob to limit fuel consumed...

Geingob calls for united Covid action

3 days ago - 24 September 2020 | Government

STAFF REPORTER WINDHOEK President Hage Geingob says a united global approach will help in the fight to stave off the mounting effects...

'Total disarray'

1 week ago - 18 September 2020 | Government

KENYA KAMBOWERUNDUGrootfontein CEO Sisco Sinvula has written a five-page press statement in which he exposes what he describes as “total disarray” and an appalling state...

N$100m saved in travelling costs

1 week ago - 15 September 2020 | Government

OGONE TLHAGEWINDHOEKThe government has saved more than N$101 million in travel costs by high-ranking government officials, including President Hage Geingob.Geingob and other high-ranking officials have...

Hengari saga: Geingob to meet with journalists

2 weeks ago - 08 September 2020 | Government

JEMIMA BEUKES WINDHOEK The presidency has informed the media that President Hage Geingob is ready to meet with journalists to discuss concerns raised about press...

Mynupe leaves Allan Gray to advise Geingob

3 weeks ago - 01 September 2020 | Government

OGONE TLHAGEWINDHOEKChartered accountant James Mynupe has left Allan Gray asset managers and will start providing President Hage Geingob advice as part of a panel of...

Shiimi reveals N$627m fishing quota auction windfall

1 month - 28 August 2020 | Government

OGONE TLHAGEWINDHOEKGovernment has raised over N$627 million from the auctioning of its “development objectives” fishing quotas to local and international bidders. This, according to finance...

VP and wife contract Covid-19

1 month - 24 August 2020 | Government

JEMIMA BEUKESWINDHOEKVice-president Nangolo Mbumba and his wife Susitjie have tested positive for Covid-19, amid talk that the couple had attended President Hage Geingob's birthday party...

Ministers divided about detailed wealth declarations

1 month - 24 August 2020 | Government

OGONE TLHAGEWINDHOEKCabinet ministers are divided about whether to declare their assets in the detailed manner that agriculture minister Calle Schlettwein has done.Schlettwein declared his assets...

Grootfontein's executive mess

1 month - 19 August 2020 | Government

KENYA KAMBOWERUNDUInfighting between the Grootfontein municipality CEO Kisco Sinvula and finance executive Ileni Hainghumbi is fast poisoning the work atmosphere at the office.While Sinvula claims...

Latest News

‘Hunting season’ continues on Namibian...

21 hours ago | Crime

ELLANIE SMIT WINDHOEKNamibian women and girls continue to lose their lives or are sexually violated across the country.In one of the latest incidents, a 48-year-old...

Health facilities handed over at...

2 days ago - 25 September 2020 | Infrastructure

Ariamsvlei • Elizabeth Joseph The Anglo American Namibia Foundation (AANF) in partnership with the DeBeers Group officially handed over and inaugurated brand new port health...

Government wage index increases in...

2 days ago - 25 September 2020 | Economics

PHILLEPUS UUSIKU The government wage index stood at 133.0 basis points during the second quarter of 2020, an increase of 0.9 percent, compared to an...

No English cucumbers will be...

2 days ago - 25 September 2020 | Economics

ELLANIE SMITNo English cucumbers will be imported into Namibia until further notice. This was announced to horticulture producers earlier this week by Namibia Agronomic Board...

Millennials thrive in learning organisations

2 days ago - 25 September 2020 | People

Chaze NalisaMillennials, those born between 1981 and 1996, are dynamic, with a wealth of potential to contribute to the transition, sustainability and growth of an...

Attitude is everything

2 days ago - 25 September 2020 | People

Mariselle StofbergWith his people relationships and excellent communication skills, Chris Matthee understands the importance of listening and communicating clearly and with the appropriate level of...

Attitude is everything

2 days ago - 25 September 2020 | Banking

Mariselle StofbergWith his people relationships and excellent communication skills, Chris Matthee understands the importance of listening and communicating clearly and with the appropriate level of...

Without a trace

2 days ago - 25 September 2020 | Crime

ELLANIE SMIT WINDHOEKAs the family of Shannon Darlikie Wasserfall battles to deal with the trauma of her disappearance - without a trace - nearly...

DBN seeks interim replacement for...

2 days ago - 25 September 2020 | Business

OGONE TLHAGEWINDHOEKThe Development Bank of Namibia (DBN) will find a temporary replacement for its senior manager for corporate communications Jerome Mutumba until his return from...

Load More