NSSA pensions to increase

18 May, 2017 - 00:05 0 Views
NSSA pensions to increase

The Chronicle


Farirai Machivenyika, Harare Bureau
Government is set to increase pensioners’ benefits from the National Social Security Authority (NSSA) once the ongoing actuarial evaluation exercise is complete, a Cabinet Minister has revealed.

Public Service, Labour and Social Welfare Minister, Prisca Mupfumira, said this during the National Assembly question and answer session yesterday.

“At the moment, there is an actuarial evaluation going on that will determine the level of increment,” she said.

“It should be completed by end of June and hopefully by September there would have been an increase.

“What we want is to ensure that pensioners receive a living wage and I would prefer they get in the region of $150 because we have interests of people at heart.”

Pensioners are receiving $60 per month from NSSA upon reaching the retirement age.

Minister Mupfumira said NSSA last month improved funeral benefits with families of the deceased now receiving $300 and a casket, while those with private funeral policies receive $500.

She said NSSA was reviewing all its investments in various sectors of the economy.

“At the moment, NSSA is reviewing its investments in various companies to ensure that contributors benefit from their investments,” said Minister Mupfumira.

“I believe even the National Health Insurance Scheme can be introduced without increasing existing contributions if we manage our investments properly.”

NSSA has in the past been criticised for investing in financial institutions that later collapsed thereby prejudicing contributors of millions of dollars.

Rampant abuse of resources also resulted in the dismissal of top managers led by former general manager James Matiza.

The other managers dismissed together with Matiza were the late investment director Shadreck Vera, finance director Patrick Mapani, corporate services director Tendai Mafunda and ICT director Bright Chidyagwai.

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