BY TANDZILE DLAMINI
MBABANE— Thousands of emaSwati are heading toward retirement without enough savings to maintain their lifestyles after leaving employment, a growing crisis that prompted Old Mutual to convene industry leaders, employers, trustees and retirement fund experts on Tuesday to confront what many described as a looming financial emergency.
Speaking during the 2026 Thought Leadership Forum held on May 26, representatives from the retirement and pensions sector warned that many workers are “retiring into poverty” because they are contributing too little toward retirement savings, while the rising cost of living continues to erode financial security.
The forum, held under the theme “Clock Out in Style :Secure a Prosperous Tomorrow by Making Smart Moves Today”focused on retirement preparedness, financial literacy and the urgent need for workers to take ownership of their futures before they leave employment.
Representing the Chief Executive Officer of Old Mutual Eswatini, Banomile Hlatshwayo revealed that less than 15 percent of the country’s working population is on track to adequately replace their income after retirement.
“At this time, we are realizing from statistics that a lot of emaSwati are not ready for retirement,” she said. “What we mean is that less than 15 percent of the working force in Eswatini is replacing their retirement savings adequately. For you to live comfortably after retirement, you should be able to maintain your current lifestyle, buy the necessities you are buying now and continue living with dignity.”
Hlatshwayo said many workers make the mistake of assuming that simply belonging to a retirement fund is enough, without checking whether their contributions will sustain them in old age. “Most people are comfortable saying, ‘I have a retirement benefit,’ but they never interrogate whether it will actually be enough,” she said.
She urged retirement funds and employers to encourage workers to gradually increase their pension contributions to at least 15 percent of income in order to improve future outcomes.
The discussions exposed deep concerns within the country’s retirement landscape, where workers are battling rising fuel prices, inflation and mounting living expenses while still trying to save for the future.
Industry leaders at the forum said many employees continue prioritizing short term financial pressures over long term security, often reaching retirement age only to discover that their savings cannot sustain them.
Zandile Nhlabatsi, speaking on what she called “the Eswatini experience,” said many employees remain financially unprepared despite years of employment. “Someone turning 60 today should be celebrating retirement after years of hard work, but many are reaching that stage financially unprepared,” she said.
Drawing from her experience serving on management committees and as a retirement fund trustee, Nhlabatsi said the problem cuts across workplaces and sectors.
“We still realize that more employees are financially unprepared for retirement,” she said. “The rising cost of living is making things worse. Fuel prices are increasing, daily expenses are rising, yet people are still not saving enough.”
She said employers also carry a responsibility to ensure workers are protected beyond their years of active service. “If you are an employer of choice, your employees should still live with dignity after retirement,” she said.
One of the strongest concerns raised during the forum was the culture of prioritizing funeral cover over retirement savings. “Many people plan very well for death but not for life after work,” Nhlabatsi said. She also stressed the need for financial education to begin at university level so young people can understand the importance of saving before entering the workplace.
Despite the concerns raised, the forum carried a positive message of empowerment and responsibility, with stakeholders calling for stronger collaboration to help emaSwati achieve dignity, freedom and stability after retirement. Old Mutual said the annual platform continues to create space for meaningful conversations that can help shape better retirement outcomes in the country.
Quoting leadership author John C. Maxwell, Hlatshwayo reminded delegates that the decisions people make today will determine the quality of their future.
“Every choice we make, whether big or small, has the power to shape who we become in the future,” she said. “Let us shape our future today with the right decisions that enable us to clock out in style.”
(Courtesy Pic)
