December 2024
11Dec

Zimbabwe. Government urged to incentivise informal sector formalisation

ANALYSTS and other key business players have implored the Government to invest more in incentivising informal sector players to transition into formal business operations to enhance economic stability and improve tax revenues. Mr James Wadi, an economic analyst said this while giving an appraisal of the 2025 National Budget at the post–budget breakfast meeting hosted by Business Weekly in collaboration with the Confederation of Zimbabwe Industries (CZI) and the Ministry of Finance, Economic Development and Investment Promotion on Monday. Zimbabwean products Mr...

December 11, 2024
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February 2024
19Feb

Zimbabwe’s Pension Crisis: Legislators Slam Government Amid Soaring Cost of Living

In Zimbabwe, a growing crisis is unfolding as retirees face the harsh reality of inadequate pension payouts in the face of soaring living costs. This pressing issue has drawn sharp criticism from legislators, who argue that the government's response has been insufficient and tardy. At the heart of the controversy is the stark disparity between the monthly pension amount and the actual cost of living, leaving many pensioners struggling to meet basic needs. The Plight of Pensioners Amidst Zimbabwe's economic fluctuations,...

February 19, 2024
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October 2023
24Oct

Zimbabwe seeks compensation for pensioners whose savings were wiped out in 2009

Zimbabwe wants the retirement industry to help compensate pensioners who lost their savings 14 years ago following a bout of hyperinflation that led to the collapse of the local currency and its eventual scrapping in favour of the US dollar. The switch to the greenback immediately wiped out the value of Zimbabwe dollar-denominated investments, leaving thousands of pensioners destitute. The payment of compensation is a key step toward helping restore confidence across the retirement industry, said Grace Muradzikwa, head of...

October 24, 2023
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19Oct

International Organisation of Pension Supervisors (IOPS) annual meeting on at Victoria Falls

FINANCE, Economic Development and Investment Promotion Minister, Prof Mthuli Ncube has officially opened the International Organisation of Pension Supervisors (IOPS) annual meeting where he called for development of the pensions and financial sector in the region in line with international protocols. The meeting is being attended by pension supervisors from around the world and started on Tuesday with the IOPS committee closed door meetings and will end tomorrow. Among the delegates attending the meetings are representatives of pension supervisory authorities from...

October 19, 2023
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August 2023
28Aug

Zimbabwe: Pensioners Drown in Poverty As Companies Hold on to $47 Billion Deductions

HAVING grown up in the rural community of Chiriseri in Bindura South, Backdoor Mhunza says he witnessed the disgusting twist of circumstances which can ensue one in his old age due to reduced incomes. From experience, Mhunza could tell how chronic diseases may end up escalating among the aged who find themselves helpless and struggling to meet their basic needs, let alone paying for their medical treatment. Such childhood lessons left lasting impressions and since primary school Mhunza vowed that the...

August 28, 2023
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March 2023
16Mar

Zimbabwe. NSSA expedites informal sector programme as it decries paltry 24% population coverage

The National Social Security Authority (NSSA) has decried the fact that just a paltry 24% of the working population is entitled to the scheme’s coverage amid plans to expedite a pensions program for the informal sector. Millions of Zimbabweans are currently failing to qualify for pension subscriptions with NSSA because of rising informal companies which are easily evading subscription with the social authority. Speaking to media practitioners during the launch of the 2023 Insurance and Pensions Journalists Mentorship Program, NSSA acting...

March 16, 2023
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03Mar

Zimbabwe: NRZ Pensioners Earning U.S.$3 Monthly Pay Outs

Retired National Railways of Zimbabwe (NRZ) workers are receiving a meagre monthly pension pay out equivalent to around US$3 per month despite decades of investing their labour into the growth of the company. Speaking to NewZimbabwe.com Wednesday on condition of anonymity, one pensioner said the National Railways of Zimbabwe Contributory Pension Fund (NRZCPF) is paying out very mean amounts which are wiped out by bank charges. "Early this year the pension pay outs were increased from around ZW$2 000 to ZW$3...

March 3, 2023
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May 2022
13May

Why a Zimbabwean firm offers pensions denominated in cows

Kelvin chamunorwa’s mother was a middle manager at a bank in Zimbabwe. She worked there for 25 years, steadily contributing to a pension. But horrendous inflation, which reached an annual rate of 231,000,000% in mid-2008, wiped out her savings. When she retired, her pension was so small it was barely worth collecting. So Mr Chamunorwa, an actuary trained in Britain, started a company, Nhaka Life Assurance, to sell inflation-proof pensions to Zimbabweans. The pensions are not denominated in Zimbabwe dollars,...

May 13, 2022
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11May

Zimbabwe: Low Pensions Force Workers to Resist Retirement

Low pensions payouts by both private and public sectors to workers has forced many to shun retirement. Some workers have reportedly gone to the extent of misrepresenting their dates of birth to postpone retirement from the organisations they would have served. What makes it worse is that the ongoing hyperinflation and which is eating into incomes as well as very low remuneration by both private companies and the government. In some instances, workers who have reached pensionable age die at work due...

May 11, 2022
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05May

Zimbabwe: Pensioners Lose Billions to Financial Abuse

Zimbabwe´s senior citizens have been getting swindled out of billions of United States dollars and the trend is only getting worse as inflation sinks its teeth deep into their pockets. Read also Kenya. Cash-strapped KBC fails to remit Sh984m in pension This came out during a debate in the National Assembly over the Insurance and Pensioners Amendment Bill. Former finance minister Tendai Biti, contributing to the debate, claimed at least US$9 billion worth of pensioners funds has been lost in the past...

May 5, 2022
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