The working class of Keetmanshoop, Aroab, Tses, and Berseba have rejected a draft regulation to preserve retirement benefits. 

It is proposed in the new Financial Institutions and Markets Act (FIMA), governing pension funds, that at least 75% of a pension must be retained as retirement savings until the retirement age of sixty.

This means they will only be allowed to withdraw up to 20% of these savings before retirement.

From the onset, representatives of the working class, contributing to a stakeholder consultation meeting, opposed the suggested amendment to the retirement regulations.

Conducted by the Technical Committee on FIMA, the consultations aimed to obtain input and suggestions on the proposed regulation. 

Joseph ||Garoeb, Chairperson of the Technical Committee on FIMA, expressed his displeasure with the response from stakeholders who attended the gathering.

||Garoeb also cleared the air over some misunderstandings.

"The government has not implemented FIMA; basically, that was one context that some of the people say, the thing is already implemented, they want their money, and a lot of misinformation was really transformed within the whole process, people are misinformed, and this has really not put us in a position to really get a clear position from Keetmanshoop consultation."