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NSSA could increase these with the revenue it generates from investments it has made in both listed and unlisted stock.
Pensioners in South Africa receive monthly payments of between R1 140 (US$142,80) and R1 160 (US$145,31). In Namibia it is between N$400 (US$50,28) and N$500 (US$62,85).
NSSA pays US$40 a month.
It increased the survivors and invalidity pensions in April this year from US$10 to US$25 a month, while funeral grants remain at US$200 for a member.
The authority offers a minimum work injury pension of US$30 a month while minimum spouse pensions stand at US$20.
A NSSA official said, on condition of anonymity, that the authority could not pay monthly pensions that tallied with those in the rest of the region.
“We are offering a paltry payout of US$40, compared with other countries in the region as the percentage contribution of our clients is very low,” he said.
“Employees pay 3 percent of their salaries for a monthly earnings ceiling of US$200 which makes their monthly contribution US$6.
“This means that their monthly contributions translate to US$72 annually, which is very little.”
NSSA has invested in over 60 listed companies as well as several other unlisted stocks.
It has also built properties throughout the country, including shopping malls and office complexes from which it receives rentals. – New Ziana.
Online Reporter