By Lerato Ndlovu
The National Social Security Authority (NSSA) has reviewed the pension and other benefit schemes with a 65% increase from the last ZWL$80 amount, while funeral grants have been reviewed to ZWL$2000 with effect from 1 October 2019.
NSSA workers’ compensation scheme minimum pensions have been tripled from ZWL$80 to ZWL$240.In a statement issued yesterday, NSSA board chairman Dr Cuthbert Chidoori said the reviews followed an actuarial valuation in consultation with all its key stakeholders and Minister of Finance and Economic Development Prof Mthuli Ncube.”Following a mid-term actuarial evaluation that was necessitated by the need to review NSSA benefits in response to prevailing economic fundamentals, the Minister of Public Service, Labour and Social Welfare has, with effect from 1 October, 2019, reviewed benefits payable under the authority’s two schemes,”Earlier in July 2019, the ministry in consultation with the NSSA board, awarded NSSA pensioners a once off discretionary bonus equivalent to a month’s pension to cushion them from the general increase in the cost of living,” he said.The reviewed benefits are: “Pension and Other Benefits Scheme (POBS), minimum monthly retirement pension increased to ZWL$200 from ZWL$80. In addition, all pensions have been increased by 65% across the board.”Accident Prevention and Workers Compensation Scheme (APWCS) minimum monthly worker’s pension increased to ZWL$240 from ZWL$80. All monthly pensions for APWCS have been increased by 200% across the board.”Mr Chidoori said arrears for October will be paid together with monthly payouts that are due on the 13th of November, 2019.
“Payments will be done via the usual channels, such as banks and mobile money platforms,” said Chidoori.”Going forward, NSSA, in consultation with all its key stakeholders and the Ministry of Public Service, Labor and Social Welfare, will continue to monitor economic developments and the general cost of living to assess the level of social impact to pensioners and align the level of benefits reviews, taking into account the long term sustainability of the schemes.” he added.
NSSA review pensions upwards
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