The National Social Security Authority (NSSA) says it will effect an upward review in pension pay-outs by 30 percent, effective October 1.
The increase is part of continuous reviews that were indicated by the Minister of Public Service, Labour and Social Welfare Professor Paul Mavima during engagements with pensioners’ representatives earlier this year.
Pensioners under NSSA’s Pension and Other Benefits Scheme (POBS) have had their pay-outs reviewed by 30 percent, subject to a minimum of $3 900 per month, which is equivalent to about US$45 at the prevailing Reserve Bank of Zimbabwe (RBZ) auction rate.
NSSA had committed to increasing the minimum pension pay-out to the equivalent of US$30 in July and US$40 in October, before settling at the equivalent of US$60 by year end.
Those under the Accident Prevention and Workers Compensation Scheme (APWCS) have been awarded a 25 percent increment, subject to a minimum of $5 200, which is equivalent to US$50 at the prevailing auction rate.
NSSA general manager Mr Arthur Manase, said the reviews were in partial fulfilment of the Authority’s desire to effectively address the welfare of pensioners this year.
“We undertook to periodically review pension levels for the two NSSA schemes, POBS and APWCS, in response to the prevailing economic conditions, particularly the Covid-19 induced hardships,” he said.
“The reviews are based on recommendations from our actuaries, Beacon Actuarial Services, who evaluated the financial adequacy of the schemes to pay pension increases as well as an annual bonus.
“I am pleased that in addition to the increases, we shall be paying a bonus as a thirteenth cheque to all beneficiaries in December 2021.”
Apart from periodic reviews of benefits pay-outs, NSSA has rolled out various non-monetary benefits in 2021.
These include, among others, discounted groceries at selected SPAR outlets, a revolving fund for income generating projects disbursed through National Building Society (NBS) and the People’s Own Savings Bank (POSB), medical assistance through the NSSA mobile clinic, as well as the establishment of pensioner and staff clinics in its six regions.
Negotiations with banks for the waiver of bank charges for NSSA pensioners are also at an advanced stage.
And the Authority is working towards setting up a boer goat out grower scheme, where it will provide seed, technical assistance, as well as markets for pensioners who participate in the programme.