Over 7000 retirees access NAPSA interest-free advance facility

OVER 7000 retirees have so far accessed more than K90 million under the National Pension Scheme Authority (NAPSA) interest-free advance facility. NAPSA Chief Executive Officer, Muyangwa Muyangwa revealed that out of 34,000 retirees on the NAPSA payroll, over 7000 have already claimed the advance, with the demand increasing daily. Mr Muyangwa explained that most retirees […]

OVER 7000 retirees have so far accessed more than K90 million under the National Pension Scheme Authority (NAPSA) interest-free advance facility.

NAPSA Chief Executive Officer, Muyangwa Muyangwa revealed that out of 34,000 retirees on the NAPSA payroll, over 7000 have already claimed the advance, with the demand increasing daily.

Mr Muyangwa explained that most retirees had challenges accessing the facility initially because it is claimed online through the eNAPSA portal, but the Authority has since provided support.

“You don’t need to come to NAPSA, you just need to log into eNAPSA and you will find it shows that you can push a button and claim your advance,” he explained.

Mr Muyangwa said the interest-free advance has been introduced to address long standing complaints that monthly pension payouts are insufficient to meet retiree’s needs.

He disclosed that every NAPSA member has a funeral grant, which currently stands at about K22,000 and is adjusted upwards every year and  the grant is however, only paid after death.

“So we said instead of keeping that money for post-life, can people start accessing that money, so that this the advance they are getting. They are actually getting it against the funeral grant, but there is no interest,” he explained.