417
edits
National Pension Scheme Authority: Difference between revisions
From Chalo Chatu, Zambia online encyclopedia
National Pension Scheme Authority (view source)
Revision as of 08:33, 12 November 2016
, 12 November 2016no edit summary
Chalochatu (talk | contribs) No edit summary |
Chalochatu (talk | contribs) No edit summary |
||
| Line 7: | Line 7: | ||
==NAPSA's Objectives== | ==NAPSA's Objectives== | ||
NAPSA's primary objective is the payment of social security benefits which include old age, invalidity and survivors; divided into two categories: | [[NAPSA]]'s primary objective is the payment of social security benefits which include old age, invalidity and survivors; divided into two categories: | ||
# PENSION; this is the benefit payment which one receives at monthly intervals for the rest of their life until they die. In most cases this is passed on to the survivors who include the spouse and children unless the spouse remarries or the children are past the age of 18. | # PENSION; this is the benefit payment which one receives at monthly intervals for the rest of their life until they die. In most cases this is passed on to the survivors who include the spouse and children unless the spouse remarries or the children are past the age of 18. | ||
# LUMP – SUM; this refers to a benefit which is a one- off payment and once one has | # LUMP – SUM; this refers to a benefit which is a one- off payment and once one has received it, there are no other payments accruing to that person in respect of that benefit. The Lump- Sum benefits payable by NAPSA include the Retirement, Pension, Invalidity Pension, Survivors' Pension and Funeral Grant. | ||
A member of NAPSA is one who has duly registered with NAPSA, has been issued with a Social Security number (and card) and contributes to the scheme in accordance with the National Pension Scheme Act, No. 40 of 1996 of the laws of Zambia. This person is eligible upon retirement or invalidity to receive a benefit payment from NAPSA. | |||
