Zimbabwe: Mines Owe Pension Fund US $100 Million
Pension funds in the mining sector are owed almost US$100 million in unremitted contributions, mostly by large companies, despite an anticipated recovery in the capital-intensive industry.
Mining overtook agriculture as the largest contributor to the economy more than four years ago, but the industry, like many other economic sectors, continues to default on pension contributions, blighting the retirement plans of many pensioners.
Mining contributes 60% of the country’s exports.
According to the Mining Industry Pension Fund (MIPF) annual report for 2016, the collection of pension contributions continued to be a challenge as debtors increased by 2,36% from US$96 389 199 as at September 30 2016 to US$98 662 902 as at December 31 2016, including interest.
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