KCM explains Ex-Miners pension payout system

 KCM explains Ex-Miners pension payout system
By Staff Writer
Konkola Copper Mines (KCM) seeks to clarify that the Company does not owe any ex-miners pension benefits.
KCM General Manager Corporate Affair Shapi Shachinda says the company has distanced itself from insinuations by some ex-miners that the Company is holding on to their pension benefits.
Mr Shachinda said the claims by some ex-miners who protested in Chingola yesterday that they are owed pension benefits by KCM are incorrect and grossly misleading.
He said KCM operates an in-house Pension Scheme in addition to the mandatory National Pension Scheme Authority (NAPSA).
Mr Shachinda said the KCM Pension Scheme is the second largest Scheme in the country.
“The Pension Industry is regulated by the Pensions and Insurance Authority and is governed by different applicable laws and regulations,” he said.
He said KCM is aware that some of the involved ex miners have been agitating for full payment of their balance 50% pension benefits.
Mr Shachinda said there is nothing that KCM or the Pension Fund can do on a matter of law to fulfill the demands of the ex-miners.
“It is also noteworthy that there are a number of retired KCM Pension Scheme members who have exercised their rights and have fully made use of the provisions of the law.
“The representatives of the ex-miners have in the past held meetings with KCM Management officials, Government officials and senior officials from the Ministry of Finance, Ministry of Labour, Ministry of Mines, the Regulator and Supervisory body of Pension in Zambia, the Pension and Insurance Authority in the previous Administration, to air their concerns,” he said.
The Company seeks to clarify that there is not a single KCM official who should be seen as an encumbrance to what the ex-miners are asking for as their pension payment system is tied to Legal Provisions and regulations. KCM cannot change the current payment system because doing so will be going against the law as is established.

Alice Nachilembe

https://tiozambia.com

Alice Nachilembe is a Journalist who yearns for a better country with leaders being accountable to their mandate without oppressing the governed.