NSSA expands economic projects to cushion pensioners

THE National Social Security Authority (NSSA) says it is forging ahead with expanding its economic projects in order to ensure pensioners receive decent monthly payouts in line with the international standard welfare guidelines.

While acknowledging the plight of pensioners, who have decried ‘low’ payouts amid the recent spike in inflationary pressures, NSSA general manager, Mr Arthur Manase, said the pensions authority was engaged in a drive to grow its income projects so as to improve the welfare of pensioners while helping create more employment opportunities.

He pledged that NSSA will continue to review the pensioners’ payouts in keeping with the prevailing changes in the macro-economic environment.

“Firstly, we are looking at continuous reviews of pensions and this is what we have been doing since last year.

We have increased pensions from what they were around this time, at US$12 if converted to the exchange rate to what they are now US$70 at the official exchange rate,” said Mr Manase.

“Soon we are going US$80 equivalent and by the end of this year, we will be over US$100 equivalent using the official rate.

This is far in excess of the international standard, as you know the International Labour Organisation
stipulates that for a pensioner to live a decent life, pensioners must get at least US$2 per day.

“I’m proud to say in Zimbabwe we have already exceeded that and we will continue exceeding that.

If we look at regional comparisons, Zimbabwe is actually leading in terms of this respect.”

Mr Manase said NSSA was also seized with expanding its non-monetary benefits to cushion pensioners, which has seen the authority availing loan scheme for income generating projects.

“As you might know we have introduced a revolving loan facility for pensioners where they can go to banks and the leading bank as far as this is concerned is NBS and POSB while other banks are joining,” he said.

“Pensioners apply for loans at concessional interests’ rates and they engage in income generating projects like keeping cattle, goats, piggery and things like that.

The majority of our pensioners have already accessed that,” said Mr Manase.

“We have introduced grocery benefits for pensioners and you would know that OK and Spar are already dishing out discounts to pensioners.”

He said already NSSA has identified international markets, which pensioners can have access to trade their produce.

For instance, Mr Manase said plans were on course to contract farmers in Gwanda, Matshetsheni for the goat project.

“We have export markets in the Middle East particularly Dubai for selling goat meat.

This will earn the country foreign currency,” he said.

“It will earn individual pensioners foreign currency and it will contribute to the Zimbabwe economy as a whole.

We are also dealing with impact projects.

“Recently we commissioned the Makoni Shopping Mall, we want to change the shape of Zimbabwe.

We want to modernise Zimbabwean cities so that every urban locality should have a NSSA presence.”-The Chronicle