By: Thandiwe Kubere
Institute of Public Administration Management (LIPAM) today signed a Memorandum of Understanding, a significant step that binds their newly formed alliance, which seeks to provide financial education and training to members of the fund.
The Fund Principal Officer, Mamotlohi Mochebelele informed that this partnership was established after LIPAM’s approach, due to realizing that their shared clients – public workers, need financial literacy.
“This partnership is essential because it resonates with the The Fund’s Board 2022 engagement, which established a Strategic plan of five years. One of the plans was to form strategic partnerships”, she said.
The objective of the alliance is to formulate strategic financial literacy modules and workshops, as well as to give studies of global markets, financial indicators and global money exchange. It is believed that this will help members make better use of their money and make informed decisions.
LIPAM General Director, Nthabiseng Tlhomola shares similar sentiments that this is a shared interest of ensuring that custodians, throughout their working journey, have financial literacy and training. This will go as far as equipping those going for retirement with appropriate ways of handling their finances such that they are sustained for a long time thereafter.
She also shed light that one of the major problems they have come to realize is that people go into retirement over-grieved with debt, which leaves them distressed.
Tlhomola highlighted that members will also be given inductions at different stages, including the laws and regulations of the field, and inform on the dos and don’ts in financial management.
The Minister of Public Service, Hon. Mputi Stephen Mputi declared the signing came at a right time, considering that the country is coming to the end of the pension’s proclamation of 1964, and commencing the financial year 2024/2025. He noted this is indeed a major milestone as the terminal benefits of all retiring civil servants are going to be processed by the pension fund.
The two organizations therefore, committed to working well together to make this partnership yield fruitful results.