Investigating the Implication of Current Retirement Age Policy on Zambia’s Labor Market: A Case Study of Ndola District
Abstract
During the year 2014, by then Guy Scott was the Acting President of the Republic of Zambia signed Statutory Instrument No. 63 of 2014 that elevated the retirement age from 55 to 65 years respectively. The acting head of state in his defense attributed the adjustment was due to an increasing of people’s lifespan. As a result, the Zambian retirement age was moved to 65 years. However, in March 2015 former President Edgar Lungu directed those changes be made through an amendment to Statutory Instrument No.63 of 2014 to the following three retirement options; early retirement 55years, normal retirement 60 years, and late retirement 65 years respectively.
A qualitative approach was used in this study. The study sample size consisted of 40 respondents. Data collection instrument included semi-structured interviews and observation. Thematic analysis was used to analyse the primary data collected. Validation of the primary data was done after getting the information from both government and parastatal institutions. The findings were that the life expectancy for Zambia is around 41 years, as a result extending retirement from 55 to 65 years was not necessary as most of the civil servants die even before reaching the previous retirement age. It further showed that this extension has contributed positively to unemployment rate among the young population who are the majority in society despite having credible qualifications. Further, the extension of retirement age has brought a lot of stigma in work places especially among the aged.