News / National
Pensioners get $50 bonus
16 Dec 2013 at 22:42hrs | Views
National Pension Scheme and Worker's Compensation Insurance Fund pensioners are receiving a bonus with their monthly pension this month. National Pension Scheme retirement pensioners will receive a $50 bonus along with their monthly pension. Any other NPS pensioners receiving a pension that is above $50 will also receive a $50 bonus.
Those whose monthly NPS pension is below $50 will receive a bonus equivalent to their monthly pension. Retirement pensions depend on contribution period and insurable income when they retire or reach the maximum retirement age for pensionable purposes, which is 65.
Those who have contributed to the NPS for 10 years or more are eligible for a retirement pension when they retire at age 60 or more or reach the age of 65. The longer they have contributed and the higher their insurable income on retirement the higher their pension will be. There is an early retirement age of 55 for those who have been engaged for seven of the preceding 10 years in agricultural work, heavy vehicle driving or certain jobs in quarrying, mining and forestry. The minimum retirement pension is $60. The minimum invalidity pension and survivor's pension is $30.
Workers Compensation Insurance Fund pensioners whose pensions are below $45 will receive a bonus equivalent to their monthly pension. Those WCIF pensioners whose pension is $45 and above will receive a bonus of $45.
Every employer, apart from the Government, is required to pay a WCIF premium for each employee to ensure that every employee is covered by the Worker's Compensation Insurance Fund. It is only the employer who pays WCIF premiums, unlike with the pension fund, where both employee and employer contribute.
If an employee suffers a disability of less than 30 percent as a result of a work-related accident or disease, then the WCIF pays a lump sum in compensation.
The WCIF also assists those who do not suffer a permanent disability but are unable to work for a period as a result of the accident. Where income has been lost or stopped by a work-related accident, the WCIF scheme guarantees continued payment of the person's normal monthly wage for the first 30 days following the accident and a percentage of the normal monthly wage thereafter.
NSSA pays all medical costs associated with the accident, like transport and drugs and hospital fees, using the Association of Healthcare Funders of Zimbabwe rates. It will pay or reimburse medical expenses for treatment outside the country where prior approval has been obtained from the general manager.
Talking Social Security is published weekly by the National Social Security Authority as a public service. There is also a weekly radio programme, PaMhepo neNSSA/Emoyeni le NSSA, discussing social security issues at 6.50pm every Thursday on Radio Zimbabwe and every Friday on National FM. There is another social security programme on Star FM on Wednesdays at 5.30pm.
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Readers can e-mail to mail@mhpr.co.zw or text to 0772-307913. You can also telephone NSSA on (04) 706517-8 or 706523-5.
Those whose monthly NPS pension is below $50 will receive a bonus equivalent to their monthly pension. Retirement pensions depend on contribution period and insurable income when they retire or reach the maximum retirement age for pensionable purposes, which is 65.
Those who have contributed to the NPS for 10 years or more are eligible for a retirement pension when they retire at age 60 or more or reach the age of 65. The longer they have contributed and the higher their insurable income on retirement the higher their pension will be. There is an early retirement age of 55 for those who have been engaged for seven of the preceding 10 years in agricultural work, heavy vehicle driving or certain jobs in quarrying, mining and forestry. The minimum retirement pension is $60. The minimum invalidity pension and survivor's pension is $30.
Workers Compensation Insurance Fund pensioners whose pensions are below $45 will receive a bonus equivalent to their monthly pension. Those WCIF pensioners whose pension is $45 and above will receive a bonus of $45.
Every employer, apart from the Government, is required to pay a WCIF premium for each employee to ensure that every employee is covered by the Worker's Compensation Insurance Fund. It is only the employer who pays WCIF premiums, unlike with the pension fund, where both employee and employer contribute.
If an employee suffers a disability of less than 30 percent as a result of a work-related accident or disease, then the WCIF pays a lump sum in compensation.
The WCIF also assists those who do not suffer a permanent disability but are unable to work for a period as a result of the accident. Where income has been lost or stopped by a work-related accident, the WCIF scheme guarantees continued payment of the person's normal monthly wage for the first 30 days following the accident and a percentage of the normal monthly wage thereafter.
NSSA pays all medical costs associated with the accident, like transport and drugs and hospital fees, using the Association of Healthcare Funders of Zimbabwe rates. It will pay or reimburse medical expenses for treatment outside the country where prior approval has been obtained from the general manager.
Talking Social Security is published weekly by the National Social Security Authority as a public service. There is also a weekly radio programme, PaMhepo neNSSA/Emoyeni le NSSA, discussing social security issues at 6.50pm every Thursday on Radio Zimbabwe and every Friday on National FM. There is another social security programme on Star FM on Wednesdays at 5.30pm.
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Readers can e-mail to mail@mhpr.co.zw or text to 0772-307913. You can also telephone NSSA on (04) 706517-8 or 706523-5.
Source - herald
