The Ministry of Finance has released the results of a public consultation on proposed amendments to the National Savings Fund Act, conducted between August 16 and 30. The consultation gathered feedback on potential changes, including the introduction of retirement savings bonds, or a “Retirement Lottery.” An overwhelming 99.05% of respondents supported the concept, which allows participants to accumulate savings regardless of whether their bonds win.
Additionally, 92.45% agreed that the funds used to purchase these bonds should be returned when participants reach 60 years old, while 98.11% supported the provision for returning funds, along with any investment returns, to heirs in the event of the participant’s death. The majority, 80.2%, preferred to receive their savings as a lump sum upon retirement.
Suggestions from the public included extending the age limit for participation beyond 60 and expanding eligibility beyond informal sector workers. These recommendations are under government consideration as part of the review process.
The draft National Savings Fund Act is expected to be submitted to the Cabinet between early and mid-October, with the goal of expanding the scheme to benefit a broader section of the population.
Source: NNT
