By Sharon Siame

Labour and Social Security Minister BRENDA TAMBATAMBA, says her Ministry will soon issue regulations to govern the penalty waiver for delayed payment of National Pension Scheme Authority- NAPSA- contributions.

Ms. TAMBATAMBA says the penalty waiver could not be implemented at the same time as the penalty rate reduction as it awaited the statutory instrument to bring it into effect.

She says the penalty waiver is NOT meant to make companies complacent in paying NAPSA contributions but aimed at providing relief to firms for outstanding penalty arrears.

Ms. TAMBATAMBA said this when she officially opened the Levy Cinemas at Levy Business park in Lusaka today.

She said the opening of the Levy Cinemas by NAPSA is another milestone in the Authority’s quest to grow the investment portfolio of member contributions.

And NAPSA Acting Director General CHRISTOPHER LALUSHA said the Authority is dedicated to ensuring that it invests in ventures that add value to the members and provide tangible benefits to the economy.

Mr. LALUSHA said NAPSA holds an investment portfolio of about 68-billion Kwacha which translates into about 13 percent of the country’s GDP.

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