06 Sep 2022

Francistown South Member of Parliament, Mr Wynter Mmolotsi has hailed the amendment of Retirement Pension Fund Act as a step in the right direction.

Responding to some of the comments raised by residents of Somerset East during a kgotla meeting he addressed recently, Mr Mmolotsi said it was the right thing for pension fund members to be allowed to have access to their pension in order to help themselves when the need arose.

The new act will allow beneficiaries to encash part of their funds for such things as; start-up capital, building homes and servicing of loans even before the member retires.

In its winter sitting, Parliament agreed to the amendments to the Retirement Fund Act that will allow pension fund members to access funds from their pensions to get loans and also use part of the pension as security for mortgage loans.

“Due to the COVID-19 pandemic and other economic challenges, many people have lost their jobs, and the pension fund should be used to sustain them,” he said.

Mr Mmolotsi further said some people had been grappling serious health issues that forced them to quit their jobs, living them with no money for health services.

He said waiting for retirement to access pension funds posed threat to life and had proven non-beneficial to Batswana.

“Accessing the money can enable some to have start-up capital and accumulate even more money, create jobs in the process and help the economy to recover,” he added.

Mr Mmolotsi urged the Department of Trade and Consumer Affairs to take the responsibility of ensuring that every outlet complied with the law, especially with regard to VAT reduction.

Mr Mmolotsi also briefed the residents about Bills that were passed in the last Parliament sitting that included Transfer Duty Amendment Bill, Media Practitioner’s Association Bill, Value Added Tax Amendment Bill, and Public Roads Amendment Bill.

Residents pleaded with the MP to push for this change and save many who continued to suffer and even lose their lives before reaching retirement age to access their pension funds.

They also complained about the high prices of basic necessities. Residents further complained about Water Utilities Corporation (WUC)tarriffs.

In response, WUC senior technician, Mr Maipelo Raditsebe advised everyone with a pending water bill to contact their office to negotiate a practical payment plan. He said some clients took long to pay, which resuleds with the corporation disconnecting them.

“Let us make it a habit to check the water meters daily to see how much water is used in the households so that any unusual activity is identified without delay,” he said. ENDS