Namibia's Minesworkers Union has endorsed Finance Minister Ericah Shafudah's decision to implement the Financial Institutions and Markets Act without mandatory preservation requirements. Kenneth Matomola from the Namibia Financial Institutions Supervisory Authority confirmed that officials will rework preservation benefits after considering public feedback before any future rollout.
The legislation replaces pension fund regulations dating back to 1956 and was initially scheduled for introduction several years ago, but faced strong opposition. Union General Secretary George Ampweya described the compulsory preservation clause as harmful to workers who need access to retirement funds during employment disruptions common in mining and other sectors.
Ampweya stated that the revised approach demonstrates government responsiveness to labor concerns and prevents what unions viewed as policies that would deepen financial hardship among working families. The organization pledged to participate in developing future preservation regulations that balance worker needs with retirement security objectives.
The legislation replaces pension fund regulations dating back to 1956 and was initially scheduled for introduction several years ago, but faced strong opposition. Union General Secretary George Ampweya described the compulsory preservation clause as harmful to workers who need access to retirement funds during employment disruptions common in mining and other sectors.
Ampweya stated that the revised approach demonstrates government responsiveness to labor concerns and prevents what unions viewed as policies that would deepen financial hardship among working families. The organization pledged to participate in developing future preservation regulations that balance worker needs with retirement security objectives.
