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Malawi Government announces pension reforms – December 2009

Pension has played a very crucial role to employees in Malawi. This is the package they receive after retirement.

By Sam Banda Jnr

In December 2009 the Malawi government announced reforms to certain civil servants' pensions, abolishing the controversial three year averaging method of calculating pensions and gratuity.

The issue of pensions has been a serious problem affecting many employees.

Civil Servants Trade Union (CSTU) President Elia Kamphinda Banda welcomed the measures and said that this would see civil servants going home with a better package.

Civil servants are those employees who work for government institutions in Malawi.

The statement from the Office of the President and Cabinet in the Capital City, Lilongwe also said that the discount rate used in the computation of gratuity had been reduced from 4 to 2 percent.

 

 

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