February 2022
15Feb

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
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December 2021

Zimbabwe. Pensions funds owed $3,38bn in unpaid contributions
10Dec

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
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September 2021
24Sep

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
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August 2021
31Aug

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
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April 2021
14Apr

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
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12Apr

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
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November 2020

16Nov

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
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February 2020

12Feb

Need for pensions reform in Zimmbabwe

By Abisha Ndoro The occupational pension fund industry in Zimbabwe is a national crisis. A collective introspection by industry practitioners, boards of trustees, regulators, policymakers and other stakeholders is now necessary in addressing the myriad of underlying problems and reposition pension funds on a platform of long-term sustainability for future generations of retirees. The purpose of this, and subsequent articles, is to begin a process of stimulating debate as we examine the problems besetting the pensions system and crystallise...

February 12, 2020
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11Feb

Zimbabwe pension funds to invest offshore

During an inaugural insurance and pensions industry breakfast meeting yesterday, Finance minister Mthuli Ncube said Parliament would receive the Pensions and Provident Fund Bill, the Insurance Act and the amendments of the Insurance Commission Act soon. "In the first half of the year, all three Bills will come before Parliament . . . It is going to be contained in one of the Bills (Pensions and Provident) that eventually what we are saying is that for now we...

February 11, 2020
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November 2019

13Nov

Zimbabwe. NSSA increases pension payouts

The National Social Security Authority (NSSA) has more than doubled its minimum pensions from $80 to $200 a month, while workers' compensation scheme minimum pensions have been tripled from $80 to $240. Read also The Monetary Benefit of Delaying Retirement The increases have been backdated to October 1 with the payments due from today. NSSA funeral grants on all schemes have been pushed up from $300 to $2 000. In a statement yesterday, NSSA board chairman Dr Cuthbert Chidoori said...

November 13, 2019
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