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  • Topic: Money, Time value of money, Zambia
  • Pages : 4 (989 words )
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  • Published : February 9, 2013
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Arakan Barracks
Army Headquarters
CRE Branch
P.O Box 31931
LUSAKA

KM/ A3/C
Brig. General JM Phiri, Psc Pm
P.O Box 31931
LUSAKA December 2012

RE: SUPPLEMENTARY TO THE REPLY ON THE CLAIM FOR PAYMENT OF UNPAID DISABLEMENT COMPENSATION AWARD OF 20% FROM THE ZAMBIA ARMY. Reference;
A. Your letter A151/C dated 04 December 2012.
B. My letter dated 09 October 2012

1. Sir, I hereby acknowledge receipt of your letter A151/C dated 04 December 2012 and wish to state that, in the foregoing, Para 1 and 2 of your letter in reference ‘A’ above is sustained, whereas Para 3 of the captioned reference is contended on the basis of the time value of money by default omission to withhold payment of K11, 123.33N on the claim lodged for payment with the Zambia Army in 1992.

2. Sir, in your reply dated 4th December 2012 Para 2 and 3 is acknowledged and further noted that, the formula used to arrive at the said amount paid by the pension fund is correct both under Cap 106 and 206 of the Laws of Zambia. Therefore suggests that the anomaly in the loss of value of the compensation benefit overtime arose by default omission of the Zambia Army to sanction payment of the said amount of ZK11, 123.33N to the Pensions Fund upon lodgment of the said claim for payment in 1992.

3. Apparently Sir; the delay for non-payment occasioned by the Zambia Army’s failure to refer the claim to the Pension Fund for payment within the appropriate time after the Medical Board Proceedings Report of 1992 was concluded and also upon subsequent demand and claim for payment by myself as a beneficiary.

4. Sir, it is of material fact that, neither the rate nor the formula which yield value of the compensation award has been adjusted overtime due to the non-amendment of the respective pieces of Legislation, the Defence Act Cap 106 and the Pension Act Cap 206 of the Laws of Zambia. In...
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