NSSA approves pensioners' bonus

Published: 04 December 2017

THE National Social Security Authority (NSSA) has approved a bonus payment for all pensioners citing an improved performance and growth in income.

Last year NSSA reported an after-tax profit of $105,8 million up from $32 million in 2015. In a statement on Friday board chair, Robin Vela, said the pension fund was this year anticipating a significant increase in income and profitability.

"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," he said.

"Taking all this into consideration, the board has approved a bonus payment equivalent to a 13th cheque to all pensioners with their December 2017 pension".

Vela said NSSA was undertaking due diligence for the $18 million deal to recapitalise the Cold Storage Company (CSC).

"NSSA's investment will be implemented, as approved by the Cabinet of the Government of Zimbabwe, through a Share Subscription and Shareholders Agreement that will see NSSA acquire 80 percent of CSC, whilst the Government of Zimbabwe retains 20 percent," he said.

CSC has debts amounting to $25 million, it is currently under a Scheme of Arrangement. NSSA said it had also availed a $9 million facility to a local fertiliser producer to cater for the upcoming farming season.

"The authority is also working on additional funding support, which will capacitate local producers and ensure that sufficient amounts of fertilisers are available for the nation's farmers this year," Vela said.

- The Source

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