In a recently released Financial Stability report released on Friday last week, the Reserve Bank of Malawi (RBM) shows that pension funds contributions registered an annual increase  of K112.8 billion in 2019, up from K98.3 billion collected in 2018, representing a 14.7% increase.

Figures from the report show that pension contributions increased by K61.5 billion in December 2019 from K51.4 billion in June last year.

The development follows after RBM Governor Dalitso Kabambe named and shamed non-compliant institutions and warned of court action if institutions failed to comply in line with the Pensions Act provisions.

On the other hand, the Malawi Congress of Trade Unions (MCTU) said it will sue all the non-compliant companies, otherwise employees will continue to be taken for granted. Employees will live miserable lives if nothing is done to protect them.