During a professional development workshop organised for human resource practitioners last Friday, a group of human resource experts known as Institute of People Management Malawi (IPMM), has urged workers to plan for their retirement. to avoid becoming destitute in future.

Technical, Entrepreneurial, Vocational Education and Training Authority (Teveta) director of finance Elwin Sichiola made a presentation on the matter, emphasizing that employees should start saving as soon as they start working.

“IPMM urges employees to plan for retirement to make sure that they address certain things before they reach 40 years,” he said, “Most of the things that employees need to sustain in life after retirement require long-term planning from the day they start working”.

On the other hand, the Malawi Congress of Trade Unions (MCTU) has warned that all employers who have been hoarding pension funds of their workers that they will be taken to court this year. The warning follows an accumulating total of non-remitted pension funds, estimated at over K7 billion.

Failure to pay pension funds is a violation of the The Pension Act 2010, which states that funds remittances are mandatory and employers are mandated to enroll their employees on a pension scheme.