By Lovemore Khomo

Old Mutual has hiked MISA annual awards sponsorship on Responsible Business Reporting from K1. 5 million to K2 million with a Memorandum of Understanding to be signed on a later date.

Patience Chatsika Old Mutual Marketing and Corporate Affairs Manager revealed this during an opening of one day workshop on New Pensions Act on Monday at Mtolankhani House in Lilongwe.

Chatsika said Old Mutual decided to hike sponsorship considering the successful implementation of the first Memorandum of Understanding-MoU with MISA Malawi in the past years.

On New Pensions Act Chatsika said, “The importance of pension in the economy is paramount, hence we organised the media training workshop in order to address some of the inconsistencies the old act had.”

In his presentation for New Pensions Act, Legal Counsel Pempho Likongwe said the pension act vehemently creates social security and every employer is obliged to abide by it.

Meanwhile, MISA Malawi Vice Chairperson Chisomo Ngulube expressed gratitude over an increase sponsorship funds for awards and she described it as, “an indication of good relationship.”

“Since we have had this award sponsorship from Old Mutual, we have practiced excellent journalism through the stories which are submitted thought entries.” explained Ngulube.

MISA Malawi Vice Chairperson also touched on the importance of the training that will improve journalists’ understanding on new Pensions Act.

Some of the inconsistencies were mandatory pension, unwithdraw of funds in time of emergencies and enhancement of penalties by increasing an amount from K100 million to K150 million to incompliance companies on pension schemes.

The new Pension Act was amended in 2022 and became operational in 2023.

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