Zimbabwe Archives - Page 2 of 5 - Pension Policy International

11MayMay 11, 2022

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

News2022, Income, Retirement Age, Zimbabwe

05MayMay 5, 2022

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

News2022, Corporate Governance, Payout, Zimbabwe

18MarMarch 18, 2022

Zimbabwe: Tougher Action Against Employers Not Remitting Pension Contributions

Errant employers who do not remit the pension contributions of their employees will soon face both criminal charges and civil action with the proposed Pension Fund and Provident Fund Act now being debated by the Senate, upgrading the present law to protect pension funds. The Bill being debated this week in Senate replaces the present Pension and Provident Funds Act and upgrades the requirements for the registration and administration of pension and provident funds. Clause 17 of the Bill compels employers...

March 18, 2022

News, Slider2022, Regulation, savings, Zimbabwe

15FebFebruary 15, 2022

Zimbabwe’s FML faces investigation over asset separation law defiance

FML, the second-largest life assurance company in Zimbabwe by market share that also provides retirement, medical insurance, micro-insurance and other long-term financial security products, has also effectively defied the law on separation of insurance and pension businesses due to internal squabbles over the issue, which has led to some executives being removed. Zimbabwe’s leading financial services conglomerate, CBZ Holdings, is in the process of taking over FMHL to build a business behemoth in the local and regional markets. In a letter...

February 15, 2022

News, Slider2022, Pension Management, Regulation, Zimbabwe

10DecDecember 10, 2021

Zimbabwe. Pensions funds owed $3,38bn in unpaid contributions

ZIMBABWE’s pensions and insurance organisations are owed over $3,38 billion in contributions deducted from employee salaries by companies. Insurance and Pensions Commission (Ipec) commissioner-general Grace Muradzikwa raised concern over companies deducting pension contributions from employees, but not remitting the funds. Muradzikwa made the remarks in a speech read on her behalf by director (pensions) Cuthbert Munjoma during a handover ceremony of the solar-powered borehole and groceries to Chengetai Old People’s Home in Chinhoyi on Wednesday. “As a commission, we are sensitive to...

December 10, 2021

News2021, Pension Management, Zimbabwe

24SepSeptember 24, 2021

Zimbabwe: Nssa to Increase Pension Payouts

National Social Security Authority (NSAA) is set to review pension payouts by between 25 and 30 percent with effect from October 1, 2021, in line with the roadmap of periodic reviews announced by Public Service, Labour and Social Welfare Minister Professor Paul Mavima. The minister made the pledge to periodically review payouts during engagements with pensioners' representatives in the first half of the year. Pensioners under the Pension and Other Benefits Scheme (POBS), had their pay-outs reviewed by 30 percent, subject...

September 24, 2021

News, Slider2021, Public Pensions, Zimbabwe

31AugAugust 31, 2021

Zimbabwe. NSSA closes accounts for widows

THE National Social and Security Authority (Nssa) has closed accounts for widows and widowers, triggering an outcry. In an interview yesterday, Masvingo Pensioners Forum co-ordinator Charles Gonzi described the move as inconsiderate. "Nssa closed accounts for those with deceased husbands and wives who could not register on time. We were told we needed to bring our children regardless of where we are coming from. In this COVID-19 pandemic, movement is very difficult. How are people supposed to travel in this environment?"...

August 31, 2021

News, Slider2021, COVID-19, Social Protection, Zimbabwe

14AprApril 14, 2021

Zimbabwe. NSSA targets US$60 equivalent monthly pension payouts

The National Social Security Authority (NSSA) says it expects the minimum pension to be equivalent to US$60 by the end of the year payable at the interbank rate. The pensions authority, which recently announced a raft of measures to complement monthly pay-outs to its beneficiaries, has dispatched its state-of-the-art mobile clinic to the southern region to provide selected medical services to its pensioners. NSSA general manager, Mr Arthur Manase, said the medical surveillance clinic will be in the region for the...

April 14, 2021

News, Slider2021, Pension design, Zimbabwe

12AprApril 12, 2021

Zimbabwe. 100% payout hike, grocery vouchers for pensioners

Pensioners and widows are set to get a 100% increase to their monthly stipends, as well as grocery vouchers worth $3 000 from the National Social Security Authority (Nssa), NewsDay reported. Nssa deputy director for marketing Tendai Mutseyekwa told NewsDay that pensioners were going to get a 100% increment this month. "They are getting 100% increment this April and we are saying we are giving them this increment and the (COVID-19) vaccines at the same time. We will also give them...

April 12, 2021

News, Slider2021, COVID-19, Healthcare, Income, Zimbabwe

16NovNovember 16, 2020

Zimbabwe. Retirees Watch Pensions Evaporate Amid Currency Chaos

Employees paid into their pensions for decades. By the time they retired, much of that money had disappeared. The line forms early outside a local bank in Harare. As the sun rises over Zimbabwe’s capital city, the crowd begins to sweat. Men with knobkerries, a kind of walking stick, and women adorned with headscarves lean on the bank’s walls. Some collapse on the stairs, tired and waiting. Always waiting. Every month, these pensioners stand in an hours-long line to collect...

November 16, 2020

News, SliderSustainability, Zimbabwe

May 2022

Zimbabwe: Low Pensions Force Workers to Resist Retirement

Zimbabwe: Pensioners Lose Billions to Financial Abuse

March 2022

Zimbabwe: Tougher Action Against Employers Not Remitting Pension Contributions

February 2022

Zimbabwe’s FML faces investigation over asset separation law defiance

December 2021

Zimbabwe. Pensions funds owed $3,38bn in unpaid contributions

September 2021

Zimbabwe: Nssa to Increase Pension Payouts

August 2021

April 2021

Zimbabwe. NSSA targets US$60 equivalent monthly pension payouts

Zimbabwe. 100% payout hike, grocery vouchers for pensioners

November 2020

Zimbabwe. Retirees Watch Pensions Evaporate Amid Currency Chaos