PRESENTATION TO RESIDENT DOCTORS WORKSHOP
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1 Mason Mwiinga/Dorothy Soko DCB/DI PRESENTATION TO RESIDENT DOCTORS WORKSHOP 6 TH 24 March 2017
2 OVERVIEW OF THE PENSION POLICY IN ZAMBIA 2 The following social contingencies: are covered currently in Zambia: Contingency Old age Death( survivors) Institution covering it NAPSA/PSPF /LASF NAPSA/PSPF /LASF Financing Contributory Contributory Proposed way forward Singular institutional framework at 1 st & 2nd tier Singular institutional framework at 1 st & 2nd tier Invalidity NAPSA/PSPF Contributory Singular institutional framework Funeral NAPSA Ex gratia( Investment returns) Workers injury Workers compensation/ SHI Contributory/pre mium Status quo Singular institutional framework ( injury)
3 OVERVIEW OF THE PENSION POLICY IN ZAMBIA cont d 3 Contingency Institution covering it Financing Proposed way forward Maternity Not covered Contributory For future consideration at 1st tier Unemployment Not covered Taxes Future consideration under social assistance programs Poor health SHI Framework underway Contributory poverty MCD Taxes(treasury/d onations) Framework underway Singular institutional framework
4 Statistical Framework Indicator Number (2014) Population 14,983,315 NAPSA Coverage Working Age Population 8,149, ,899 Labour Force 6, ,340 Employed Population 5,859, ,338 Employment in the Formal Sector 944, ,693 Formal employment 629, ,244 Employment in the informal Sector 4,914, ,132 Informal employment 5,229, , , ,000
5 Challenges of Current Arrangements and Proposed Pension Reforms 5
6 Challenges of the current arrangements Fragmentations of the social protection services and high admin costs Insolvency of some Public social security institutions Lack of prudential supervision of the public pension schemes Limited coverage for social contingencies Low vs overgenerous benefit structures 6
7 Current Pension Reforms Government is the process of developing the parameters for the reform options with support from some co-operating partners and stakeholders. The reform will facilitate effective delivery of social security services through the following: Redesigning the pension rules and framework The harmonization of the social security legal framework into a single bill- Social Protection Bill
8 Pension Reforms Cont d Implementing sustainable strategies for financing the pension liabilities Implementation of measures for broadening private sector participation in fund management These reforms were initially intended to integrate Social Health Insurance, Employment and work Injury scheme undertake one legal and institutional framework Streamlining framework for interaction with employers by reducing fragmentation 8
9 Regulatory and Policy Framework Changes Empower PIA to undertake prudential regulation of public social security schemes(napsa, PSPF, LASF and WCFCB) with the policy and supervisory roles remaining with the respective line ministries. Continuation of membership of public service workers to NAPSA at the 1 st tier and maintaining LASF and PSPF at the 2 nd tier as mandatory occupational schemes. Creation of a single social protection bill 9
10 OVERVIEW OF NAPSA SCHEME 10
11 NAPSA Legal Establishment and Governance a. Established by an Act of Parliament No. 40 of 1996 b. Replaced the Zambia National Provident Fund (ZNPF 1966 to 2000) c. ZNPF Act repealed (Members rights preserved) d. NAPSA became operational on 1 st February 2000 e. All assets and Liabilities of the ZNPF were vested in NAPSA as of the appointed date and therefere the Authority administers the affairs of the ZNPF 11
12 Key Policy Objectives for the Creation of NAPSA a. Mechanism for provision of sustainable flow of income in retirement (Monthly pensions/annuities) b. Response to the changing labour market (i.e. Portability of pension rights) c. Creation of a Vehicle for mobilizing national savings (able to contribute to the development and growth of the capital market) d. Creation of a basic social security scheme for all workers in the Country (extended to include the informal sector) e. Creation of an efficient institution capable of delivering quality of service f. NAPSA current benefit level is the minimum level stipulated in the ILO Convention
13 2. Key benefit features Defined Benefit Scheme benefit formulae are prescribed by law Career average formula, all contributions adjusted for inflation and interest added Qualifying criteria for pension 180 months of contributions (15 years) or reduced criteria for those aged between 39 and 48 years at commencement of NAPSA Those that do not qualify for a pension are entitled to a lump sum 13
14 3. NAPSA benefits Cover contingencies of old age, invalidity and death Retirement benefit Invalidity benefit permanent invalidity Survivors benefit payable to deceased member s registered beneficiaries; member s benefit allocated into shares for each beneficiary Funeral grant not drawn from member contributions, to assist with funeral costs. Fixed amount, increased annually. All pensions increased annually Retirement and invalidity pensions paid for life; converted to survivors pension upon pensioner s death 14
15 4. Benefit levels Minimum pension pegged at 20% of National Average Earnings (NAE) in the year of retirement Minimum pension in 2017 = Current highest pension = 3, Maximum pension payable = 40% of highest insurable earning = 7, in 2017 Highest lump sum 15
16 Opportunities for Investments and Partnerships with SHI Collection of contributions for SHI. The Authority has 28 offices across the Country and 50 mobile office locations for hard to reach areas. The Authority can invest in profitable health Centres that meets its investment guidelines The Authority can collaborate with health providers in validation of permanent invalidity 16
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