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National Pension Scheme Authority: Difference between revisions
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National Pension Scheme Authority (view source)
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The ZNPF was a compulsory savings scheme for private-sector employees that provided lump sums to its members based on the cumulated balances of their individual member accounts. Contribution rates to the ZNPF were very low which, coupled with unfavourable economic conditions, lack of indexation and governance issues, translated into low benefit packages. | The ZNPF was a compulsory savings scheme for private-sector employees that provided lump sums to its members based on the cumulated balances of their individual member accounts. Contribution rates to the ZNPF were very low which, coupled with unfavourable economic conditions, lack of indexation and governance issues, translated into low benefit packages. | ||
==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: | |||
# 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 | |||
