RBM And MoL Commit To Protect Pension Benefits

The Reserve Bank of Malawi (RBM) and the Ministry of Labour have reaffirmed their commitment to protecting workers’ pension benefits through enhanced collaboration and increased awareness on pension rights.

Speaking during a Central Region stakeholders’ meeting in Lilongwe, RBM Deputy Governor for Economics and Regulation, Henry Mathanga, said the partnership is aimed at ensuring that workers receive the pension benefits they are entitled to under the law.

Mathanga said RBM is conducting awareness campaigns across the country to educate employees about their pension rights and encourage them to monitor whether employers are remitting contributions as required by the Pension Act of 2023.

He emphasized that employers have a legal obligation to submit pension contributions to pension administrators every month and warned that failure to do so is a breach of the law.

Ministry of Labour Director of Administration, George Masing,a said the collaboration will help strengthen workers’ rights and improve compliance with pension regulations nationwide.