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USD cash bonuses explained

by Staff reporter
14 Nov 2021 at 05:38hrs | Views
CIVIL servants and Government pensioners will receive their bonuses later this month through bank deposits into their nostro accounts, Finance and Economic Development Minister Professor Mthuli Ncube has confirmed.

In an interview with our Bulawayo Bureau, Prof Ncube said all bonus recipients will be allowed to withdraw their money in cash at their respective banks.

"It (bonus) is going to be paid into nostro accounts of civil servants," he said.

"They will be able to withdraw it as cash or transfer it to their cards and use it for purchases or even keep it in their savings accounts. For pensioners, naturally their benefits will also be paid in US dollars, even for war veterans, everyone who is on the civil service payroll will receive their bonuses in foreign currency this year," he said.

Prof Ncube said the Government undertook to pay this year's bonuses in foreign currency owing to high inflation rates.

"We realised as Government that there was pressure from inflation being pushed by the parallel market and inflation was beginning to go up.

"Also there was a call from the civil servants' leadership that there should be payment of the bonuses in US dollars, so we responded to these two calls.

"The President had also said let us do it and pay the civil servants in US dollars and we are going to do that for this year's bonuses."

The Government announced last week that this year's 13th cheque for public sector workers and pensioners will be paid in United States dollars.

The bonuses will be paid out up to a maximum of US$700 for civil servants while civil service pensioners are set to receive US$100 as bonus payments and an extra US$80 for their spouses and US$60 for their children.

Finance and Economic Development secretary Mr George Guvamatanga said civil servants earning more than US$700 will be paid their balances in local currency.

Mr Guvamatanga said engagements with banks would start soon to ensure that there was a smooth flow of payments at the end of November when the bonuses would be due.

It is projected that the Government will fork out US$90 million to pay the bonuses.

Source - SundayMail