Polye: K2.5 billion arrears in superannuation a blow to bureaucrats

Superannuation funds in the country should be endowed to grow and not to be squeezed out, says Opposition Leader Don Polye.

He said this when commenting on the country’s largest pension fund Nambawan Super Limited being owed K2.5 billion by the state in superannuation contribution for its employees.

“Inside sources told me that those public servants who wish to withdraw their contributions will only be paid out their 6% employee contributions with related interest and not the state’s 8.4 per cent share with interests.

As such, he said, he was furious to learn that NSL would not pay out the employer’s component of the contribution with relevant interests until the government pays off its arrears.

Mr Polye said with this it was likely the fund might not pay out pensions quickly to bureaucrats. He said and that they might die pending the payment of their entitlements.

“Our industrious public servants deserve a better recognition from the government to enhance their livelihood after retirement.

“The government has budgeted less to cater for this and that I can confidently say that this government is completely irresponsible and careless,” said Mr Polye.

The fund now has over 130, 000 contributors from both the private and public sectors.

Media Release