National Pension Scheme Authority: Difference between revisions
Chalochatu (talk | contribs) (Created page with "The '''National Pension Scheme Authority''' (NAPSA) was established after Parliament passed Act No. 40 in 1996 and became operation in 2000. The Authority was established to r...") |
Chalochatu (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
The '''National Pension Scheme Authority''' (NAPSA) was established after Parliament passed Act No. 40 in 1996 and became operation in 2000. The Authority was established to replace the [[Zambia National Provident Fund]] (ZNPF), which had existed since 1966. | The '''National Pension Scheme Authority''' (NAPSA) was established after Parliament passed Act No. 40 in 1996 and became operation in 2000. The Authority was established to replace the [[Zambia National Provident Fund]] (ZNPF), which had existed since 1966. | ||
==Administration== | |||
NAPSA is administered by an independent tripartite Board appointed by the [[Minister of Labour and Social Security]]. It administers the assets of the [[National Pension Scheme]] (NPS) and the old Zambian National Provident Fund (ZNPF). | |||
The ZNPF was a compulsory savings scheme for private-sector employees that provided lump sums to its members based on the cumulated balances of their individual member accounts. Contribution rates to the ZNPF were very low which, coupled with unfavourable economic conditions, lack of indexation and governance issues, translated into low benefit packages. | |||
Revision as of 07:26, 12 November 2016
The National Pension Scheme Authority (NAPSA) was established after Parliament passed Act No. 40 in 1996 and became operation in 2000. The Authority was established to replace the Zambia National Provident Fund (ZNPF), which had existed since 1966.
Administration
NAPSA is administered by an independent tripartite Board appointed by the Minister of Labour and Social Security. It administers the assets of the National Pension Scheme (NPS) and the old Zambian National Provident Fund (ZNPF).
The ZNPF was a compulsory savings scheme for private-sector employees that provided lump sums to its members based on the cumulated balances of their individual member accounts. Contribution rates to the ZNPF were very low which, coupled with unfavourable economic conditions, lack of indexation and governance issues, translated into low benefit packages.
