NSSA board sacked as legacy of high board turnover continues

Martin Kadzere

GOVERNMENT has dissolved the National Social Security Authority (NSSA) board with immediate effect to align the State-owned pension fund institution with its new strategic vision.

Public Service, Labour and Social Welfare Minister Edgar Moyo has since announced the appointment of a new board, but specific details regarding its composition were not immediately available.

“All board members were served their letters Tuesday morning,” said a source who requested not to be named because they are not allowed to talk to the media.

NSSA chairman Dr Emmanuel Fundira, appointed in May 2023, confirmed the NSSA board’s dismissal, but offered no further details.

Analysts say the “abrupt changes” represent another setback for NSSA, continuing a decades-long trend where high board member turnover has consistently undermined the authority’s stability.

NSSA is a statutory body primarily mandated to provide social security to workers in Zimbabwe.

It manages a substantial, diversified investment portfolio, including equities, real estate and fixed income aimed at ensuring the long-term sustainability of benefits for workers and pensioners.

However, NSSA has a long-standing public criticism regarding the perceived pittance paid out to pensioners, with some analysts raising questions about the fund’s efficiency and beneficiaries’ welfare.