NAMFISA Reports Decrease in Unclaimed Pension Funds as Benefits Continue to Rise

The Namibia Financial Institutions Supervisory Authority reported a decrease in unclaimed pension fund benefits to N$218.7 million by the end of 2023, down from N$229.1 million the previous year. This improvement is attributed to better tracing and payment of beneficiaries. Total benefits paid increased by 6.6% to N$12.3 billion, with retirement benefits continuing to grow faster than contributions. Contributions rose by only 0.9% to N$10.0 billion, which fell below the inflation rate of 5.7% for the same period.