Civil servants in the Kavango East Region are unhappy with the proposed Financial Institutions and Markets Act (FIMA) regulation of 75% preservation from their pension fund.

The regulation only allows 25% access to the pension fund upon retirement.

Civil servants raised their concerns at a consultation meeting with the Ministry of Finance.

The government explained that the 75% preservation fund aims to protect people so they can still live a better life after retirement, as research indicates that many people suffer after retirement.

This regulation only affects those who are 54 years of age and older who are going into early retirement, moving between jobs, and those who may be retrenched.

They advised that the ministry rather educate people on how to manage their money instead of the preservation fund.

Joseph ||Garoëb, the Chairperson of the Consultation Committee in the Kavango West and East regions, said that the findings will be shared with the minister and used for further deliberations.

The consultation will take place in all 14 of the country's regions.