The Civil Servants and Allied Workers Union of Zambia says allowing workers to access part of their pension funds before they retire will enable them to plan ahead, invest and earn returns as they wait for their full package after retirement.
Union President Davy Chiyobe said it is worrisome to see people reaching 50 years and retiring without owning a house or having any investment to point at which can earn them an income while they wait for their retirement benefits.
Speaking in an interview with the Zambian Business Times-ZBT, Chiyobe noted that most workers shun getting loans because of the high interest rates by the lending institutions adding that the National Pension Scheme Authority (NAPSA) should consider giving loans to workers so that they can be able to invest in different venture whilst still in employment.
Chiyobe explained that it should be every individual’s responsibility to ensure putting their money to good use noting that no one has the right to dictate how someone should spend their hard-earned money.
“Let the money come and if a person wastes the money it’s their own fault, why should others start thinking for other people. You have been contributing to NAPSA but when you retire you become a beggar”, Chiyobe said.
“The labour movement has been pushing for those pension reforms. We have no problem with Public Service Pensions Fund (CSPF) but we had a challenge with NAPSA. NAPSA has been stealing from people, day light robbery, they have built a lot of infrastructure and have been getting a lot of tenders but look at the benefits they are giving to the person who’s contributing money”, he said.
