A government agency that deals with pension funds for people who retire from government has increased monthly pensions it gives to the former government workers, the Zambia Daily Mail reported on Tuesday.
The Public Service Pensions Fund (PSPF) says it has increased the monthly pension by seven percent following an outcry from pensioners and beneficiaries.
“There has been an outcry from pensioners and beneficiaries of the deceased estates to the Public Service Board to revise monthly pension in tandem with the rising cost of living,” Alex Chileshe, the agency’s head of public relations was quoted as saying by the paper.
The agency, he said, was committed to maintaining real value for pension and has been indexing monthly pension every year in the past three years.
Monthly pension for former government workers is generally considered low because of the design of the pension system where retirees prefer to get two-thirds of their lump sum money and only leave one-third for monthly pension, he added.
He however said the agency was working on improving its investment in an effort to address the plight of pensioners. Enditem

-Xinhua

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