News / National
Reprieve for Zim Dollar pensioners
08 Jun 2012 at 12:30hrs | Views
More than a million Zimbabwean pensioners might heave a sign of relief after the Insurance and Pensions Commission was tasked to come up with conversion rates for their money that lost value between 2 000 and 2008.
Finance Minister Tendai Biti told Parliament that government had tasked IPEC to determine values of the policies in United State Dollars.
"The report will also recommend on the conversion rates. It will also look at the assets of these insurance companies in order to see which ones we are going to monetise," said Biti.
"...there might be need for necessary legislation to compel offending insurance houses to comply with fairness and we will bring a law if necessary to this August House.
"When we had hyper inflation, there was a collapse but these insurance companies did not offer adequate compensation to the falling value."
Presently some pensioners receive $25 monthly, falling way off the poverty datumn line pegged at $500 per month.
Finance Minister Tendai Biti told Parliament that government had tasked IPEC to determine values of the policies in United State Dollars.
"The report will also recommend on the conversion rates. It will also look at the assets of these insurance companies in order to see which ones we are going to monetise," said Biti.
"...there might be need for necessary legislation to compel offending insurance houses to comply with fairness and we will bring a law if necessary to this August House.
"When we had hyper inflation, there was a collapse but these insurance companies did not offer adequate compensation to the falling value."
Presently some pensioners receive $25 monthly, falling way off the poverty datumn line pegged at $500 per month.
Source - Byo24News
