His Majesty King Mswati III has made it clear that the future of the Eswatini National Provident Fund (ENPF) lies in its conversion into a fully-fledged national pension scheme.
Speaking at the fund’s golden jubilee celebrations at the Mavuso Trade and Exhibition Centre on July 12, the king threw his full weight behind the long-anticipated transformation, calling it a historic milestone that will safeguard the dignity and financial security of the nation’s workers for generations to come.
“The time has come for Lidlelantfongeni to evolve in line with international best practice and the needs of Emaswati,” His Majesty stated, stating that the proposed shift has gained overwhelming support from both workers and employers. Cabinet has already approved the conversion, but the reform still requires endorsement from Parliament before becoming law.
If passed, the new pension scheme will transform the way retirement savings are managed in the country.
It will extend coverage to previously excluded groups such as informal and domestic workers and provide retirees with a reliable monthly income rather than a once-off lump sum.
“Lump sum payments, though sizeable at the time, often leave our pensioners vulnerable when the money is exhausted. This is not the future we want for our people,” His Majesty said.
He explained that the conversion would create a sustainable system where retirees enjoy long-term security, lifting many out of poverty in their later years.
The conversion has not only received broad local backing, but also strong endorsement from international partners. The International Social Security Association (ISSA) has praised Eswatini’s decision, calling the move a “giant step forward” in modernising its social protection.
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While championing the fund’s transformation, His Majesty also challenged ENPF to dream bigger. He called on the fund’s leadership, employers and members to grow its value beyond E100-billion in the next 50 years.
“Today, ENPF is valued at E6.8- billion, but we must think boldly. The next 50 years must deliver even greater impact for the people of Eswatini,” the king said to a packed audience.
He lauded the Fund for growing from a humble E100 000 in 1974 to its current status as one of the kingdom’s largest investors with interests spanning property, hospitality, agriculture, telecommunications, financial services and retail.
The king praised the ENPF for embracing digital innovation, noting that its award-winning mobile platforms have improved accessibility for members while enhancing transparency.
“This is the Nkwe! spirit moving forward with urgency, purpose and unity,” His Majesty said, adding that the fund’s leadership in digital transformation had earned it international recognition.
He further commended ENPF for iconic investments such as Manzini’s Sivuno House, which have transformed the country’s skyline and generated thousands of jobs.
“These investments are not just buildings and numbers; they have empowered local entrepreneurs, supported small businesses and uplifted entire communities,” he stated.
His Majesty also issued a strong call to employers to comply fully with the law and ensure every worker in Eswatini is covered by the pension scheme.
“No worker in our kingdom must be left behind. We must secure a better future for all through ENPF,” he said.
The king paid tribute to the vision of his father, King Sobhuza II, who established the ENPF in 1974 and laid the foundation for the country’s social protection system.
“From this humble beginning, the ENPF has become a pillar of our economy and a beacon of hope for workers and their families,” His Majesty said, thanking successive boards, management and stakeholders for building the fund into a crucial national institution.
As the ENPF celebrates 50 years of growth, His Majesty left no doubt about its path forward.
“The conversion to a pension fund is not just necessary, it is inevitable.
“With the support of all members, employers and government, ENPF will be a force to be reckoned with in the region and beyond. Let us go and work!” he declared, to thunderous applause.
The golden jubilee celebration was attended by Prime Minister Russell Dlamini, Cabinet ministers, captains of the industry, employers and workers’ representatives, all of whom joined the king in celebrating the ENPF’s remarkable journey and future direction.
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