The Reserve Bank of Malawi (RBM) has disclosed that pension contribution arrears is now standing at 26. 9 Billion Kwacha.
Chief Examiner for Pension at RBM Paul Nyirenda was speaking in Blantyre after storming companies that are failing to comply with the pension contribution law to pension administrators.
According to Nyirenda, there are about nine hundred ninety employers out of over three thousand employers nation wide, that are failing to remit pension contribution despite deducting their employees.
Meanwhile, the marked companies have been given 21 days to remit the pension contributions with interest or face administrative penalties.
Some of the companies, inspected on Thursday, that have pension arrears are Fargo Limited, Arkay Plastics Limited, Afford Hill and Omega Security company
