Kenneth Matomola

Compulsory pension savings on horizon ….no withdrawal of 75 percent of pension money until 55 years

Compulsory pension savings on horizon ….no withdrawal of 75 percent of pension money until 55 years

Tujoromajo Kasuto The Namibia Financial Institutions Supervisory Authority (NAMFISA) Deputy Chief Executive Officer, Erna Motinga cautioned the Namibian public against mass resignations in an attempt to Access their pension savings, because of the introduction of compulsory preservation of retirement benefits for people who withdraw from their retirement funds before retirement age. In terms of this new regulation when someone resign, change jobs or stop working they will be required to preserve 75 percent of their minimum individual pension reserve, until the prescribed early retirement age of 55 years. This has ignited heated public debate on social media and news platforms,…
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