13TH check for Pensioners as NSSA profitability soar in excess of $100 mln
Insurance24
Harare, The National Social Security Authority (NSSA) anticipates profitability in excess of $100 million in 2017 thus has approved a bonus payment equivalent to a 13th cheque to all pensioners with their December 2017 pension.
“NSSA’s performance has continued to improve with actual management accounts to 31 October 2017 showing, for the year end 31 December 2017, a projected double digit percentile increase in all the key matrices of fund size; investment income; and profitability/surplus in excess of the $100 million achieved in the prior year.
“Taking all this into consideration, the Board (using its discretion) has approved a bonus payment equivalent to a 13th cheque to all pensioners with their December 2017 pension,” said Board Chair Robin Vela in a Q4 report.
NSSA effective 01 October 2017 increased the minimum retirement pension monthly pay-out 33% from $60 to $80, in line with the Board’s desire to deliver a liveable pension to our pensioners.
Vela said in addition to that, the Authority successfully engaged banks for exemption of bank charges to pensioners, senior citizens who are 60 years and above and currently all 14 banks that hold NSSA pensioner accounts are offering this service.
Commenting on the Insurance Cluster, Vela said the Authority accepted an offer from its subsidiary, First Mutual Holdings Limited, to acquire its 50.9% equity in NicozDiamond Insurance Limited (“NDIL”) and that transaction marked the beginning of the consolidation of NSSA’s insurance interests.
“To strengthen the underwriting capacity and capitalization of the combined entity, the Authority undertook to support the $17.3 million capital raise by FMHL. Further, all the regulatory approvals were secured, sanctioning the execution of the series of transactions.
“Much appreciation is extended to the regulatory stakeholders for the support. Going forward, we believe such strategic and technical partnerships will result in a solid and more competitive insurance group that delivers shareholder value,” he said.
