Private sector firms that have arrears in pension remittances will be called out by name if they do not sort themselves out, says a statement by Reserve Bank of Malawi.

The statement reads, “Employers are advised to clear oout all outstanding pension contribution arrears before 30 June 2019.

The statement comes as a concern after arrears by parastatals and private sector firms have amounted up to K10.1 billion, as pension assets closed at K716.5.

RBM Governor Dalitso Kambambe warned employers that have neither placed employees on the National Pension scheme to follow suit, as well as employers that have not maintained a life insurance policy for their employees as this is a violation of Section 15 of the Pension Act.