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CONVERSION OF SNPF TO PENSION SCHEME TO BENEFIT ALL WORKERS

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MATSAPHA – The good news with the proposed conversion of SNPF to a pension scheme is that every employed Swazi will have a lifelong income even after retirement.


This is because the national pension scheme, which is being proposed by the SNPF Bill, will compel all workers, whether in formal, informal, permanent, casual and even seasonal occupation, to be on a pension.

The Swaziland National Provident Fund (SNPF) Chief Executive Officer (CEO), Prince Lonkhokhela, said this during the fund’s first annual stakeholders forum, which was held at Esibayeni Lodge yesterday. The forum was officially opened by the Minister of Labour and Social Security, Winnie Magagula. He said the national pension scheme would be in line with the International Labour Organisation (ILO) and International Social Security Association (ISSA) standards of including every worker in pension.


“All economically active people in the country are to be members of the national pension scheme. This will include civil servants, self employed, seasonal, domestic workers and informal sector workers,” the CEO said. On top of that, he said the fund would not cancel existing schemes as occupational schemes, together with Public Service Pension Fund (PSPF) would serve as top schemes.   


Again, the CEO said migrant workers would also benefit from the national pension scheme.
Currently, migrant workers, especially those working in the mines in South Africa, are members of funds from the neighbouring country. However, government is currently in talks with that of the neighbouring country over the remitting of deductions of the Swazis working there to the country.

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