Retirement is crucial for the economy

Martin Endjala Occupational retirement is seen as a crucial element in the economy of Namibia because it enables people who retire after reaching the age of 60 not to falter financially but to continue to sustain themselves. Based on information sourced from the Namibia Financial Institution Supervisory Authority, as of the third quarter of 2022, the number of Namibian retirement fund members stood at 238 603. Of these, 94 291 were members of the Government Institutions Pension Fund. “This number is higher than expected considering our high unemployment rate, large informal sector, and the fact that occupational pension schemes are…