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Pension cash-out stirs Parly debate

At the helm: Serame presented the Bill’s second reading this week PIC: THALEFANG CHARLES
At the helm: Serame presented the Bill’s second reading this week PIC: THALEFANG CHARLES

Members of Parliament have urged the Finance ministry to extend the encashment of pension benefits to active members or allow the accrued amounts to be used as security, BusinessWeek has learnt.

The Finance ministry this week tabled legislative changes that will allow deferred pensioners to cash in their benefits to pay for loan and mortgage defaults as well as medical bills associated with terminal illnesses.

The changes to the Retirement Funds Act are being debated in Parliament.

Editor's Comment
Tana project a welcome development

Whilst the project received mixed reactions from members of the public, the project is indeed a welcome development, which needs to be implemented as soon as possible. Many shared their opinion, with those against the project decrying that if implemented, it will kill the already struggling public transport industry.Many countries around the world have state-run public transport, and those who have travelled to such countries will give testimony...

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