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NSSA raises pensions for 270,000 beneficiaries
52 mins ago |
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HARARE - The Government has increased minimum pension payouts under the National Social Security Authority (NSSA), benefiting approximately 270,000 pensioners and workers across Zimbabwe.
Public Service, Labour and Social Welfare Minister Edgar Moyo announced that the minimum retirement pension has been increased by 28.57 percent from US$70 to US$90 per month.
The adjustment will benefit about 262,000 retirement pension beneficiaries and will take effect in the November payroll scheduled for November 13, 2026. The increase has been backdated to October 2026.
Government has also increased the minimum workers' compensation pension by 30 percent from US$100 to US$130 per month, benefiting approximately 8,000 injured workers.
"These adjustments demonstrate Government's recognition of the contributions made by workers throughout their productive lives and the importance of ensuring that retirement and social security benefits provide meaningful support and uphold human dignity," said Moyo.
The minister said the pension review followed a statutory actuarial valuation that confirmed the financial sustainability and health of the fund.
Moyo also announced the enactment of the Occupational Safety and Health Act No. 7 of 2026, which is intended to strengthen workplace safety, compliance and accountability.
Meanwhile, NSSA General Manager Dr Charles Shava attributed the pension increases to economic stability and improved investment performance by the authority.
"The fact that we have been able to increase the pensions by around 30 percent speaks very much about the stability of the economy. Inflation is low and therefore it is also translating to stable contributions from employers and employees," said Shava.
He revealed that NSSA's investment income has grown significantly in recent years, rising from US$4 million in 2022 to approximately US$40 million.
According to Shava, NSSA's balance sheet has also expanded substantially from about US$300 million to nearly US$1.3 billion.
"Our investment portfolio has been growing very rapidly," he said.
The pension increases are expected to provide some relief to retirees and injured workers as Government continues efforts to strengthen social protection systems and improve welfare support for beneficiaries.s from US$70 to US$90 and workers' compensation pensions from US$100 to US$130, benefiting about 270,000 Zimbabweans.
Public Service, Labour and Social Welfare Minister Edgar Moyo announced that the minimum retirement pension has been increased by 28.57 percent from US$70 to US$90 per month.
The adjustment will benefit about 262,000 retirement pension beneficiaries and will take effect in the November payroll scheduled for November 13, 2026. The increase has been backdated to October 2026.
Government has also increased the minimum workers' compensation pension by 30 percent from US$100 to US$130 per month, benefiting approximately 8,000 injured workers.
"These adjustments demonstrate Government's recognition of the contributions made by workers throughout their productive lives and the importance of ensuring that retirement and social security benefits provide meaningful support and uphold human dignity," said Moyo.
The minister said the pension review followed a statutory actuarial valuation that confirmed the financial sustainability and health of the fund.
Meanwhile, NSSA General Manager Dr Charles Shava attributed the pension increases to economic stability and improved investment performance by the authority.
"The fact that we have been able to increase the pensions by around 30 percent speaks very much about the stability of the economy. Inflation is low and therefore it is also translating to stable contributions from employers and employees," said Shava.
He revealed that NSSA's investment income has grown significantly in recent years, rising from US$4 million in 2022 to approximately US$40 million.
According to Shava, NSSA's balance sheet has also expanded substantially from about US$300 million to nearly US$1.3 billion.
"Our investment portfolio has been growing very rapidly," he said.
The pension increases are expected to provide some relief to retirees and injured workers as Government continues efforts to strengthen social protection systems and improve welfare support for beneficiaries.s from US$70 to US$90 and workers' compensation pensions from US$100 to US$130, benefiting about 270,000 Zimbabweans.
Source - Byo24News
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