Bankrupt PF Govt bribes Trade Unions to agree revised retirement age

A Technical Committee of two trade union mother bodies set up to look at the revision of the retirement age has supported the upward adjustment.

Federation of Tree Trade Unions of Zambia -FFTUZ- President Chingati Msiska says his union and the Zambia Congress of Trade Unions -ZCTU- are in support of the new policy measure on retirement.

Mr Msiska says government officials have been on record supporting the adjustment saying it would help restructure the pension scheme so that retiring workers do not become destitute.

Mr. Msiska adds that government has honestly stated that pension houses like the Local Authority Supernuation Fund -LASF- and Public Service Pensions Fund have no money to pay pensioners at the moment.

He says the measure has the potential to enable pension houses collect enough funds and prevent them from going bankrupt.

Mr. Msiska was speaking during a media briefing in Lusaka.

Government last year announced the upward adjustment of the retirement age from 55 to 65 years.

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