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 to a minimum of $3 900 per month, which is equivalent to about US$45 at the prevailing RBZ auction rate.

The State pensions authority had committed to increasing the minimum pension pay-out to the equivalent of US$30 by July and US$40 in by October, 2021, before settling at the equivalent of US$60 by year end.

Those under the Accident Prevention and Workers Compensation Scheme (APWCS) have been awarded a 25 percent increment, subject to a minimum of $5 200, which is equivalent to US$50 at the prevailing auction rate.

NSSA general manager Mr Arthur Manase, said the reviews were in partial fulfilment of the authority’s desire to effectively address the welfare of pensioners during 2021.

“We undertook to periodically review pension levels for the two NSSA schemes, POBS and APWCS, in response to the prevailing economic conditions, particularly the Covid-19 induced hardships.

“The reviews are based on recommendations from our actuaries, Beacon Actuarial Services, who evaluated the financial adequacy of the schemes to pay pension increases as well as an annual bonus.

Read more @All Africa