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State plans pension law overhaul

GOVERNMENT has proposed to redesign the pension rules and framework as part of measures to overhaul the pension system, Secretary to Treasury Fredson Yamba has said.
Mr Yamba said the country’s pension system was characterised by huge actuarial deficits, low annuities and a disjoint in benefits across the public service providers, which is unsustainable.
“There is urgent need for medium and long-term measures to overhaul and rationalise the pension system,” he said.
Mr Yamba said this in the proposed Green Paper on medium-term expenditure framework for 2015-2017.
He said measures recommended include the need to harmonise the social security legislation into a single pension Act and broaden private sector participation in fund management.
Meanwhile, under the private sector development reforms, Government will consolidate the implementation of interventions that are aimed at creating jobs and wealth.
Mr Yamba said this would entail the continuation of reforms to streamline businesses registration, licensing and granting of incentives.
The Green Paper has been issued as Government’s ongoing commitment to engage all stakeholders on the country’s development agenda.
Mr Yamba has since urged stakeholders to embrace Government’s commitment to consultative development by studying the Green Paper and providing comments that will help it deliver on national agenda for sustainable development.

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