The National Social Security Authority (NSSA) has announced that from April they will start giving out US$800 funeral enhancement fund for pensioners with a further upward payment review set for the second quarter of the year.
Briefing journalists in the capital on Wednesday, NSSA board chairperson Robin Vela said his organisation was looking forward to paying an enhanced and sustainable pension through a number of available packages.
“Starting 1 April, the authority takes a step towards paying an enhanced and sustainable pension and the upward review of pension is underway with a view to deliver an increased payment with the second quarter of 2017.
“We are adding $500 to the already existing funeral enhancement benefit to the existing funeral grant of $300 as part of measures to deliver value to the pensioners. We believe the pensioners deserve a more decent burial than can be afforded under the current plan,” said Vela.
The funeral enhancement benefit will be paid to the family of the deceased retired pensioner with no additional contributions required from the employers and contributors.
The requisite amendments to legislation have been approved by the Minister of Public Service, Labour and Social Welfare, Prisca Mupfumira.
NSSA has also announced that in a bid to turnaround its fortunes, the Robin Vela led board embarked on a number of structural changes to get a return on investment.
“The processes that the board embarked on for the past 20 months seem to be yielding positive results as plans are underway to review upwards pension payments.
“The National Building Society has managed to offer mortgage finance for the provision of more than 1000 housing units while more land has been earmarked for NSSA projects,” said Vela.
NSSA has embarked on a number of strategies to boost investment, especially with the possible injection of US$18 million to boost the resuscitation of Cold Storage Commission, a move that is going to unlock value in the livestock industry through employment creation.
The resuscitation of CSC is also likely going to increase foreign currency earnings and at the same time increasing contributions to the benefit of pensioners and the economy.