By Suleman Chitera
The Reserve Bank of Malawi (RBM) has reaffirmed its commitment to working closely with the Ministry of Labour to build a strong, inclusive and compliant pension system that safeguards the financial future of workers across the country.Malawi Faces K1.02 Trillion Compensation Shock as Defunct Finance Bank Battles RBM in Supreme Court
The commitment was highlighted during a meeting with district labour officers from the Central Region aimed at enhancing pension compliance and enforcement under the Pension Act of 2023.
Speaking in an interview with MIJ Online, RBM Deputy Governor responsible for Economics and Regulation, Henry Mathanga, said the central bank is focused on establishing a pension system that is reliable, inclusive and trusted by all stakeholders.
Mathanga emphasized that pensions play a critical role in ensuring financial security after retirement and urged employers to fully comply with pension regulations.RBM pushes banks towards private sector A’s Government declines K500 Billion in borrowing
“A pension is not just a financial promise; it is a guarantee of financial security after retirement. Employers must comply with pension laws to ensure that Malawian workers are protected and can retire with dignity,” he said.
He further noted that effective enforcement of pension regulations is essential in promoting confidence in the pension sector and ensuring workers receive the benefits they are entitled to.
Meanwhile, Director of Administration in the Ministry of Labour, George Masinga, said the ministry is strengthening its collaboration with the RBM in the implementation of the Pension Act.RBM unveils new K10,000 banknote: A step towards efficient currency management
Masinga called on labour officers to actively support RBM officials in enforcing pension regulations and monitoring compliance among employers, saying their role is crucial in protecting workers’ retirement savings.RBM Governor Rallies Banks to Fund Real Economy as Malawi Faces Economic Headwinds
The meeting forms part of ongoing efforts by the RBM and the Ministry of Labour to improve pension coverage, strengthen compliance mechanisms and enhance the welfare of Malawian workers through a sustainable pension system.