RBM introduces Pension Department

Reserve Bank of Malawi RBM has created Pension Department to rectify challenges facing pensioners

Addressing a news conference RBM Governor Dr McDonald Mafuta Mwale the department will ensure employers comply with Pension Act of 2023 and handle complaints

Mafuta Mwale urged employers to enroll their employees in pension schemes and make sure contributions are properly remitted to pension administrators for effective investment on behalf of pensioners

He warned that employers who fail to comply with the pension act could face penalties of up to 100 million kwacha and closure of businesses in Malawi