In July this year, figures from the Reserve Bank of Malawi (RBM) showed that the pension assets have increased 10 times from K74.8 billion in 2011 to K757.4 billion in March 2019. Following the development, RBM released a statement, threatening to name and shame the companies that hadn’t settled their pension areas. The Registrar of Financial Solutions, Dalitso Kabambe, has released a list of companies with arrears

Below are some of the named firms that are yet to remit hundres of millions in pension;

Hundred Millions

Superior Halaal Meats (Pvt) 187,594,934.61

Stansfield Motors 179,660,178.47

Montfort Press 235,689,142.80

KPMG 103,833,531.52

Irrigation Rural Livelihood & Agricultural Develop 145,463,007.44

Enterprise Development Holdings 164,248,280.00

Ernst And Young 115,768,315.96

Blantyre Malaria Project 112,253,103.60

“The Registrar is seriously concerned about the non-remittance of the pension contributions as it negatively affects the accumulation of retirement savings for pension members. The Registrar will therefore consider further actions to enforce compliance if these companies do not clear the pension contribution arrears by 30 November, 2019.” says part of the document. It also adds that, in line with Government Notice No. 33, the outstanding contributions should be paid with a penalty interest of Reserve Bank of Malawi policy rate plus ten percent for the period the contributions had been outstanding.