The Government of Zambia has released K200 million towards the capitalisation of the Local Authorities Superannuation Fund (LASF), reinforcing efforts to clear pension arrears and ensure timely payment of benefits to retirees. The announcement was made by the Minister of Local Government and Rural Development, Hon. Gift Simuunza Sialubalo, MP, during the launch of the LASF 2024–2026 Strategic Plan in Lusaka.
Minister Sialubalo explained that the disbursement forms part of the K400 million budgeted for the Fund this year, bringing total government support since 2017 to K1.6 billion. He emphasized that the capitalisation demonstrates the government’s commitment to protecting the welfare of public service workers.
“This programme shows that pension reforms are not just policy pronouncements but actions backed by resources. Pensions are not a privilege; they are a right earned through years of service. We must administer them with fairness, urgency, and compassion,” said Minister Sialubalo.
The newly launched 2024–2026 Strategic Plan aligns with the Eighth National Development Plan (8NDP) and seeks to modernise Zambia’s pension system. Key strategies include clearing arrears, reducing the pension benefit waiting period to three months in line with the Presidential directive, reviewing the LASF Act to expand membership, and strengthening governance to enhance transparency and accountability.
Minister Sialubalo called on the LASF Board, management, unions, employers, regulators, and other stakeholders to support the reforms and ensure their success.
The launch was attended by senior government officials, representatives from NAPSA, PSPF, the Pensions and Insurance Authority (PIA), labour unions, and other stakeholders.
Hon. Sialubalo officially launched the Strategic Plan, describing it as the start of a new era of efficiency, transparency, and sustainability, where every retiree can look to the future with hope and dignity.