Employees tipped on retirement planning

A local capacity and advisory firm in the country has asked employees to change mindset towards retirement so as to narrow the unemployment gap most especially among the youth.

Sycamore Consult managing director Audrey Mwala was speaking on Thursday July 29 after opening a two-day retirement planning workshop in Blantyre.

Mwala who is also the founder for the firm, mentioned the escalating suicide cases, marriage breakaways and other social economic woes as some of the results of poor retirement planning amongst the retirees.

She therefore said her firm is geared towards capacitating and providing advisory services on retirement planning strategies so as to bridge the unemployment gap and change the mindset towards retirement.

Mwala making a presentation

The managing director added that her firm would not only be drilling people on the fundamental retirement planning strategies, but will also form an investment club to give tips on alternative income and investment tips.

“Proper planning for retirement is very crucial and not as easy as it is. Therefore, we want people to change their mindset and know that there is life of possibilities after retirement,” she said.

“We want people not to be afraid to retire and give space to other people. They will know the benefits of investing in insurance policies, stock exchange market for shares and other general financial principles,” said Mwala.

One of the participants, the human resources manager for Malawi housing corporation (MHC), Lameck Tchaka, hailed the intervention, saying it would go towards creating space for the new blood.

Tchaka revealed that only one employee from his statutory entity showed readiness to retire when was served with retirement notice.

“Most companies are failing to cope with the emerging potentials because they still cling to old ways of running business due to those people who resist to retire for me blood, ” he said

“Most of the employees give excuses. They ask for an extension of their working period. This shows that they are not prepared to retire as they don’t know what they will be doing next, ” said Tchaka.

Among the speakers, included the managing director for Smile Life insurance company Stain Singo, the chief executive of Malawi Stock Exchange John Kamanga and Zambian business mogul Dumisan Ncube.

According to available records, the country has over one million retirees but only five percent are on pension.

Sycamore consult, is a private local consultancy company specialising in capacity building and advisory services in various sectors such as finance.