Zimbabwe. NSSA to effect upward review of pension payouts
The National Social Security Authority (NSSA) will soon effect an upward review of pension payouts to improve the welfare of pensioners and cushion them from the economic challenges.
This follows a Government decision in July this year, to award a once off discretionary bonus equivalent to a month’s pension to cushion pensioners from the general increase in the cost of living.
The actual percentage increases could, however, not be ascertained this week, as NSSA is still in the process of consulting some stakeholders. NSSA marketing and communications executive Tendai Mutseyekwa, said an actuarial evaluation was currently under way to guide the authority in the review exercise.
He said the decision for an upward review for monthly pension payouts, was taken as a stop gap measure, while waiting for the conclusion of a mid-term actuarial review that is being carried out as an urgent matter following significant progress made in the preparation of the authority’s financial statements for the year ended 2018.
The review, which had already been in consideration, was hampered by the economic challenges, mainly inflationary pressures, which prompted the authority to do another valuation that captures the obtaining economic developments.
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