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{
    "id": 925341,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/925341/?format=api",
    "text_counter": 325,
    "type": "speech",
    "speaker_name": "Seme, ODM",
    "speaker_title": "Hon. (Dr.) James Nyikal",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. This is a very important issue in a country where formal employment is low, to begin with, and where data that we have indicates that only 11 per cent of the people in that low employment have some retirement arrangement. It means that a lot of people, even those who are working, live in anxiety and fear of old age. I think productivity even when you are still in the strong productive age is affected if you are unsure of the future. This is important for productivity. It is not just for improving the lives of the people, but for productivity, we need to have a proper social security system that looks at all people in retirement age. If somebody has done any work, there should be some benefit. Even where there is benefit, there is poor information as to what people are worth at the time they prepare for their pension. Worse still, when they become incapacitated and are not able to access it, even their next of kin are not able to help them. Somebody who has benefits dies and the family; the wife and the children, get into poverty while they have some funds kept somewhere. That is why you are hearing of unclaimed assets. The vast majority of unclaimed assets are from people who retired and nobody can follow up their benefits. So, we need to have a proper system. Even those who are alive, just claiming and receiving the benefits from the time they retire to the time they start receiving the benefits, whether it comes in lump sum or in monthly instalments, all these are not properly done. So, people suffer. It is, therefore, important that our social security system, through the Ministry of Labour and Social Protection, and in particular the Retirement Benefits Authority, takes this matter up and makes sure that we expand and, two, we streamline it, so that those who are entitled can benefit. We need to find ways of expanding, so that those who do not have any entitlement are included. Thank you, Hon. Temporary Deputy Speaker. I support the Statement."
}