Regulatory Alerts2014-01-01
Pension (Pensionable Emoluments) Directive, 2014
Issued by the Registrar of Financial Institutions under Malawi's Pension Act, 2010, this directive establishes the definitive framework for calculating pension contributions by defining eligible remuneration. It mandates that pensionable emoluments encompass guaranteed wages, regular commissions, and qualifying cash allowances, while specifying that housing benefits are included only when exceeding forty percent of guaranteed wages. The directive explicitly excludes numerous specific payments—including overtime, acting allowances, travel and disability benefits, and discretionary bonuses—from pension calculations unless employment contracts state otherwise.
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