There’s currently a hot debate about the proposed Eswatini National Pension Fund Bill, 2025, which is passed by Parliament, would turn the Eswatini National Provident Fund (ENPF) into a National Pension Fund.
The aim, according to ENPF and the Ministry of Labour and Social Security is to shift from a provident fund (once-off payout) to a pension scheme (monthly income) and extend coverage to all workers, including the informal sector.
What ENPF is presenting;
• The conversion will broaden social security for private sector workers, seasonal labourers, and the self-employed, including informal sector workers.
• The national pension scheme will co-exists with the Public Service Pensions Fund (PSPF) and is confident both funds can coexist, arguing that bigger membership = lower admin costs and better benefits.
• Contributions will be collected for years before payouts start, building strong reserves.
What PSPF is saying in response;
• PSPF insists it supports the conversion but strongly makes a case that civil servants must be left out.
• Reason: If civil servants’ contributions are diverted, PSPF warns it would be systematically weakened, forced to sell investments, and may struggle to pay pensions.
• PSPF also says the Bill duplicates costs and contradicts existing law governing civil service pensions.
In short: ENPF says the conversion is about inclusion and social security while PSPF on the other hand, is warning that including civil servants in the proposed national pension scheme means a collapse of its Fund.
