Speaker of the National Assembly Richard Msowoya has advised legislators to develop a saving culture, adding that being a lawmaker is an expensive venture.
In an interview on the sidelines of a farewell cocktail party organised for Old Mutual Malawi outgoing national sales manager Vincent Mkandawire last week, the Speaker said Old Mutual pension scheme which legislators make their contribution to, has made wonders.
He said: “You know being a member of Parliament [MP] is an expensive venture because the money that the MPs get go towards serving their subjects. Eventually when they do not make it back to Parliament, they become poor.
“Now with the Old Mutual pension scheme in place, we are seeing MPs living a normal life even if they do not make it back to Parliament.”
Old Mutual chief executive officer Edith Jiya commended Mkandawire for leaving the company in a good position and that the team he has set up will take the company to greater heights.
“This man has made tremendous contribution to the company. Imagine last year, Old Mutual Malawi was the best in Africa. We are highly indebted to Mkandawire because he has been a loyal servant and we wish him well in his retirement,” she said.
Mkandawire, who worked for 34 years, said despite the journey being challenging, he is retiring a satisfied man. n