RBM called to command pension for retrenched workers

The Malawi Congress of Trade Unions (MCTU) called on the Reserve Bank of Malawi (RBM) to issue a directive for the access of pension funds for workers who were retrenched amidst the coronavirus pandemic.

In a letter to the central bank, MCTU secretary general Denis Kalekeni said that amidst the pandemic, workers have to access their pension funds or loans from banks. “The governor should use his discretionary powers as provided in the Pensions Act to allow peopleCovid-19 pandemic access part of their pension funds within two months.” said Kalekeni.

On the other hand, A minimum of 172,000 low income households have been targeted to receive mobile money payments of K35,000 for the next 6 months, as a means to cushion the cost of living amidst the coronavirus pandemic.

President Arthur Peter Mutharika announced the development during a 15 minute update, as he addressed the nation on the new measures of the pandemic, which involved the restructure of the Special Cabinet Committee.