Peace of mind for NSSA pensioners
By Insurance24
HARARE, The National Social Security Authority (NSSA)’s monthly contributions are pegged equally at 3.5% for employee and employer with the maximum pensionable income set at $700.
This according to NSSA implies that the maximum amount an individual can pay to NSSA is currently $24.50 per month.
“We appreciated the role employees and employers play towards providing social protection for the generality of Zimbabweans,” said NSSA.
The Authority provides periodic reviews in a bid to pay a liveable pension to beneficiaries. The last review was on the 1st of October 2017 when the minim retirement pension monthly pay-out was increased by 33.3% from $60 to $80.
“In addition, the Authority for the first time paid a 13th cheque to its pensioners in December 2017 and NSSA’s minimum retirement pension compares, favorably to what the industry is currently offering.”
Current monthly pension pay-outs
Minimum retirement pension $80
Minimum surviving spouses pension $32
Minimum children’s allowance $32
Minimum invalidity pension $32
NSSA last year achieved 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 had 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.
