Government has released K200 million towards the capitalisation of the Local Authorities Superannuation Fund (LASF) as part of ongoing efforts to clear pension arrears and guarantee timely benefits for retirees.
The announcement was made by the Minister of Local Government and Rural Development, Hon. Gift Simuunza Sialubalo, MP, during the launch of the LASF 2024โ2026 Strategic Plan in Lusaka. He explained that the disbursement is part of the K400 million budgeted this year, bringing total Government support to the Fund since 2017 to K1.6 billion.
Hon. Sialubalo said the capitalisation demonstrates Governmentโs resolve to safeguard the welfare of workers who dedicated their lives to public service.
โThis programme shows that pension reforms are not just policy pronouncements but actions backed by resources. Pensions are not a privilege; they are a right earned through years of service. We must therefore administer them with fairness, urgency, and compassion,โ he said.
The Minister added that the newly launched 2024โ2026 Strategic Plan aligns with the Eighth National Development Plan (8NDP) and seeks to modernise the pension system. Among its key strategies are dismantling arrears, reducing the pension benefit waiting period to three months in line with the Presidential directive, reviewing the LASF Act to expand membership, and strengthening governance to improve transparency and accountability.
He urged the LASF Board, management, unions, employers, regulators, and other stakeholders to play their part in ensuring the success of the reforms.
The launch was attended by senior government officials, representatives of NAPSA, PSPF, the Pensions and Insurance Authority (PIA), labour unions, and other stakeholders.
Hon. Sialubalo concluded by officially launching the Strategic Plan, describing it as the beginning of โa new era of efficiency, transparency, and sustainability where every retiree can look to the future with hope and dignity.โ
