NAPSA WAIVES PENALTIES ON CONTRIBUTIONS MADE AFTER DUE DATE

 

The National Pension Scheme Authority-NAPSA-has waived off over K20 billion in penalties imposed for contributions made after the due date.

This follows the enactment of the NAPSA Penalty Waiver Regulations of 2024 which prescribe terms and conditions under which the authority is expected to implement the initiative.

Addressing the media in Lusaka today, NAPSA Director General Muyangwa Muyangwa said the regulations mandates the authority to grant 100 percent waiver for penalties related to the covid-19 period and up to 75 percent for penalties incurred outside the covid-19 period.

Mr. Muyangwa says the waiver will provide financial relief to employers by offering them an opportunity to settle the outstanding contributions without fear of incurring higher penalties.

He has since advised employers in the country to take advantage of the enactment of the penalty waiver regulations of 2024 to meet their financial obligations.

PHOENIX NEWS