- June 2, 2020
- Posted by: Simangolwa Muyunda
- Category: News
The National Pension Scheme Authority (NAPSA) has granted relief on rentals to all tenants in its commercial and residential properties across the country. This is to help mitigate the negative impact of the COVID-19 on various businesses that have already been adversely affected.
The Authority has given 40% waiver on monthly rentals for properties that have remained trading during the COVID-19 while those that were closed in line with Ministry of Health guidelines have been given a 100% waiver. The three-month waiver for all tenants is effective 1 April 2020 and will run up to 30 June 2020.
“The year 2020 begun on a rather shaky note with the global outbreak of the COVID-19 pandemic which has devasted the global economy. The Zambian economy has not been spared and the impact of the pandemic is being felt across all sectors. As a major player in this economy, we understand how difficult business has been in the last few months. Therefore, we have found it necessary to provide some relief to our tenants across the country through this waiver,” said Mr. Yollard Kachinda, Director General.
Mr. Kachinda noted that this move will have an effect on the immediate return on investment but that it was necessary for business growth which is key to the future sustainability of the scheme.
“We would like to thank the Board for approving this waiver which will go a long way in sustaining businesses, thereby preserving jobs and avoiding masses falling into untold misery,” he reiterated.
Last year, Management gave relief to some tenants by not increasing rentals for the year 2020 following a tough business environment experienced in 2019.
Head Corporate Affairs
National Pension Scheme Authority
Email: email@example.com, Telephone: +260211395000