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Cabinet Approves 60 Years As Retirement Age
CABINET has approved a Bill to increase the retirement age from 55 to 60, says Acting Chief Government Spokesperson Ngosa Simbyakula.
Dr Simbyakula told a media briefing in Lusaka yesterday that apart from the 60 retirement age, Cabinet also provided for early retirement at 55 and late retirement at 65.
And the Cabinet has also approved the Income Tax Amendment Bill for 2015 which seeks to implement the proposed changes to the mining tax Regime.
Acting Chief Government spokesperson Ngosa Simbyakula told a media briefing in Lusaka yesterday that apart from the 60 retirement age, Cabinet also provided for early retirement at 55 and late retirement at 65.
Dr Simbyakula said the Cabinet also decided to approve the National Pensions Scheme Amendment Bill to increase the retirement age as the case was with the Local Authority Superannuation Fund Amendment Bill.
He explained that the approved income tax adjustment for 2015 was aimed at increasing the corporate income tax for mining operations from zero percent to 30 percent.
Mr Simbyakula said the Bill would introduce a variable profit tax of up to 15 percent for mining operations and increase the corporate income tax rate for mineral processing from 30 percent to 35 percent.
“It will also limit the deduction of losses for mining operations 50 percent of taxable profit for each charge year,” Mr Simbyakula said.
Posted by Editor
on June 17, 2015. Filed under LATEST NEWS.
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Pwetoo
June 17, 2015 at 11:22 am
Elo lwanya nomba!!!!
Jason Botha
June 17, 2015 at 11:33 am
Lets hear any civil servant complain. I have gone round and all the old men and women who were due for retirement this year have opted to go on up to 65. I thought there was so much noise when this idea was mentioned by alas.. every one wants to go on and on.. lets see how many will go for early retirement @ 55.
kakolwe
June 17, 2015 at 8:28 pm
Only those fools who hope to come & buy a plot(25×30), buy a .com canter & a new wife after working for 32yrs in govt will be afraid of retiring at 55 or 60. But if you have invested & have your money working for you instead of working for your money, you can walk out of govt tomorrow without any qualms.
kakolwe
June 17, 2015 at 11:41 am
Cabinet has approved. Parley to debate and make it into law. Not really worried about that. In my kids organisation, one must retire as soon as they start becoming baggage!
GREG MAKAVELI
June 17, 2015 at 12:05 pm
Yaah!too bad for the younger generation.I think its a stupid idea!
Andy
June 17, 2015 at 12:14 pm
Ata very stupid think of the young generations we have graduates that are looking for job n u there making increments of retirement from day to day, vacate n give space for young ones
kakolwe
June 17, 2015 at 7:03 pm
Create your own jobs! As graduate you wish to be employed by GBM, ABC, or HH? You want to be employed as a headmaster? Or is it a Typist? Why can’t you push govt to fund your highly researched & innovative project?
Sorry, I forgot to read your cardboard placard at arcades! Hungry Hopeless Graduates!
Frans
June 17, 2015 at 12:35 pm
Kindly shed more light who this act affects.Is civil servant,or all quasi government empolyees such napsa ,zra,ratsa and private companies
GIFT
June 17, 2015 at 12:57 pm
THE THE SAME UN-EMPLOYED YOUTHS WILL GO IN THE STREETS AND VOTE FOR PF FOR MORE SUFFERING.ENJOY YOUR SUFFERING WHILE BENA SYMBYAKULA ARE BUSY INCREASING RETIREMENT AGE.
The spartacus
June 17, 2015 at 1:11 pm
Can’t see my posting
Vampiro @ ONYX POWER
June 17, 2015 at 1:34 pm
The cycle of those entering and leaving employment remains the same whether at 50 or 80
Vampiro @ ONYX POWER
June 17, 2015 at 1:36 pm
But you can’t enjoy life when you have a short span of employment . the longer the better. 60 iliche
The spartacus
June 17, 2015 at 1:36 pm
Exempt miners from this selfish and useless bill, the job and environment these people ar exposed to is not healthy fo one to work tht long. Otherwise very few will have th opportunity to enjoy their package..
Vampiro @ ONYX POWER
June 17, 2015 at 1:37 pm
That’s why there is 55 as early retirement.
Fatherless Bwalya
June 17, 2015 at 2:15 pm
Tell him. Written in Simple and straight forward Queen’s language. Ubukopo
Vampiro @ ONYX POWER
June 17, 2015 at 1:39 pm
All the stupid questions are answered by this smart thinking bane
The spartacus
June 17, 2015 at 2:19 pm
For fear of hardship economy very will decide to go on early retirement hence th government should have made it a mandatory to retire at 55 fo miners..
The spartacus
June 17, 2015 at 2:31 pm
@fatherless bwalya one can just tell by yo comment tht u ar lunatic, ubukopo is wen u fail to give a meaningful advice instead u resort to musalula.
koswe
June 17, 2015 at 9:13 pm
Jobs will be difficult to get. People will hold onto positions. What a stupid bill. Sorry if you are not yet employed.
Hello Haters
June 18, 2015 at 7:06 am
This PFool’s solution to clearing the backlog of unpaid pension benefits to people, personally the way i look at this is like one walking around a rotunda, where no matter what you still get back to the exact starting point, the only advise i can give to the young people like is to venture into walking sticks manufacturing for those who be going up to 65.