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African Investment Bank Unveils Workers Pension Fund Today
Angola Press Agency
Angola
August 11, 2005
The African Investment Bank (BAI) is presenting today in Luanda a pension fund meant for the financial protection of its own workers and their families, following a partnership set up with the pension fund firm (AAA).
Under the African Investment Bank Pension Fund, the institution will finance a defined benefit pension plan and provide for complementary old age and earlier retirement pension and benefit on death.
According to a BAI release, the amount for the pension is estimated on a maximum of 30 years of employment and 90 percent of the worker's salary.
In case of reaching the maximum employment period and 55 years of age, the worker will be entitled to an earlier retirement pension, the source adds.
With this fund for which 250 workers are already registered, BAI seeks to protect its workers against certain risks, thus securing them financial security when they can no longer work.
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