Pension Calculator Zambia

You can use this online platform to estimate your retirement benefits in Zambia.

This Website Provides Tools Which Millions Of Users Use For Tax And Payroll Calculations Within Minutes. Manage everything from the process of paying employees, calculating salaries, loans, employee payments and taxes.

What is the ceiling for NAPSA 2023? Starting from January 1st, 2023, the government has implemented a new limit on NAPSA earnings. This cap dictates that the highest amount an employee or employer can contribute each month is K1 342, which is 5% of their earnings. Thus, the total maximum contribution that can be made by both the employee and employer for the year 2023 is K2 684.1.

This Website Provides Tools Which Millions Of Users Use For Tax And Payroll Calculations Within Minutes. Manage everything from the process of paying employees, calculating salaries, loans, employee payments and taxes.

How to calculate pension benefits in Zambia?
In Zambia, to calculate your pension, you need to multiply your earnings by the number of months you have contributed to the pension scheme. The minimum amount you can receive as a monthly pension is equal to 20% of the national earnings, while the maximum amount is capped at 40% of the average monthly earnings.

The Public Service Pension Fund (PSPF) is an organization established by an Act of Parliament called Cap 260 of the laws of Zambia, Act No. 35 of 1996. With the PSPF pension calculator, individuals can access a defined benefit scheme that caters to public servants and manages both the home ownership scheme and microfinance.
These benefits are part of the country's social security system and are determined by the amount you have earned throughout your lifetime. To account for changes in average wages since you received your earnings, your actual earnings are adjusted or "indexed".

In Zambia, to calculate your pension, you need to multiply your earnings by the number of months you have contributed to the pension scheme. The minimum amount you can receive as a monthly pension is equivalent to 20% of the country's overall earnings, while the maximum is capped at 40% of the average monthly earnings.
What is the revised retirement age in Zambia? Regarding retirement age, an individual who is a member of the pension scheme may give notice to retire at the age of 65, subject to their employer's approval, provided that they provide the required notice at least twelve months before they reach the age of 60. In cases where a member leaves the fund between the ages of 55 and 60, expert guidance is available to ensure that the individual makes informed decisions about their pension.

In comparison to other countries, the annual amount received by newly retired individuals in Zambia in the fiscal year 2021-22 is K42,828. It is worth noting that 57% of all retirees under the National Pension Scheme in Zambia receive less than K3,000 per month.
The pension amount is calculated based on 50% of the emoluments or average emoluments, whichever is more beneficial.
The minimum pension payment is currently K9,000 per month, while the maximum limit is set at 50% of the highest pay in the Zambian government (presently K125,000) per month. Pension payments are made until the date of the individual's death.