LUSAKA, April 17 (Xinhua) -- Zambian President Hakainde Hichilema on Monday signed into law a bill that will allow workers to partially withdraw their pensions even before they reach retirement age.
Hichilema said with the signing of the National Pension Scheme Authority Bill 2023 into law, citizens will have the opportunity to reinvest the funds in various ventures and assets of their choice.
He said the signing of the bill is also in line with the government's promise to the people on allowing for the partial withdrawals of pensions. "As a result, more jobs will be created, contributing to our economic development agenda," he said in a post on his Facebook page.
Stakeholders have since welcomed the decision, saying it will enable employees to invest in businesses.
Joy Beene, secretary general of the Zambia Congress of Trade Unions, an umbrella body of trade unions, said the development will also spur economic development, reduce the high poverty levels as well as address the continued borrowing from banks among workers, local media quoted him as saying. ■
