Reserve Bank of Malawi has criticized statutory corporations for failure to remit employee pension contribution, which is a violation of the Pension Act 2011.

RBM’s Governor Dalitso Kabambe confronted the entities through a statement that said the accused entities have not remitted pension since 2011, which amounts to more than K5.6bn in arrears.

Some of the accused entities are Central Region Water Board, Copyright Society of Malawi, Malawi Institute of Management, Southern Region Water Board, Mzuzu University, Malawi Local Government Association and Malawi Post Corporation.

Enforced compliance of the Pension Act 2011 will be considered by RBM, along with punitive measures for institutions that will keep violating the act.