IPEC makes final call out to pensioners

THE first batch of eligible pensioners yet to withdraw their US$100, as part of a compensation framework for the losses suffered in 2019 following the currency reforms, have up to July 10 to claim their money.

In 2019, the Government through Statutory Instrument 124 of 2019 implemented currency reforms that saw the country re-introducing its own currency after having adopted a multi-currency system in February 2009.

Finance and Economic Development Minister Professor Mthuli Ncube is on record saying the reintroduction of local currency was not hurriedly done as the fundamentals for the relaunch of the Zimbabwe dollar were laid.

In an interview, Insurance and Pensions Commission public relations manager Lloyd Gumbo said IPEC started disbursing US$100 to each of the close to 4 000 beneficiaries under the first batch of the most vulnerable pensioners and beneficiaries in January this year.

“We started the disbursements to the eligible pensioners and beneficiaries in January this year. “We sent them text messages to around 4 000 eligible pensioners and beneficiaries on their phones to withdraw their money and we have made a final call out for them to have withdrawn the money by July 10, 2022.

“If they do not then we are moving to the next batch of eligible pensioners and beneficiaries,” he said.

By the end of May 2022, about 60 percent of the eligible pensioners and beneficiaries had collected their US$100.

IPEC said to cushion pensioners and beneficiaries affected by the currency changes, the Government availed five percent shareholding worth US$75 million in Kuvimba Mining House to compensate the affected private occupational pensioners and beneficiaries.

The funds are being administered through IPEC and the Ministry of Finance and
Economic Development.
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“In June 2021, the Minister of Finance and Economic Development Professor Mthuli Ncube, facilitated the payment of US$400 000 to IPEC from the dividend declared by Kuvimba Mining House, for disbursement to pensioners.

“The commission’s task was to determine the criteria to be used in disbursing the US$400 000, given that the number of pensioners and beneficiaries averages about 60 000,” reads part of the report.

It said the commission settled on a means test approach where the US$400 000 would be disbursed to pensioners who were receiving less than $1 000 annual pension as at December 31, 2020.

To this end, the number of eligible pensioners and beneficiaries to receive US$100 each is almost 4 000.
To ensure easy accessibility of the disbursement by eligible pensioners and beneficiaries throughout the country, the commission partnered BancABC Bank to disburse the money in United States dollars.

“The partnership was informed by the bank’s wide branch network, including its kiosks in TM Pick n Pay outlets throughout the country,” said IPEC.-The Herald