Timothy
Oliver Kazunga
Senior Business Writer
THE number of registered pensioners under the National Social Security Authority (NSSA) increased by 14 percent to 240 947 to date compared to 210 701 in the past two years.
NSSA attributed the steady rise in pensioners’ statistics to the growing importance of a robust authority with adequate resources to meet benefit obligations.
Responding to written questions from this publication, NSSA spokesperson Mr Tendai Mutseyekwa said: “In 2022, we closed the year with a total of 210 701 pensioners, in 2023 the number stood at 237 475.
“The number currently stands at 240 947.
“The steady rise in pensioners underscores the growing importance of a robust NSSA, with sufficient resources to meet benefit obligations.
“We will need to ensure NSSA’s financial health can accommodate this growth. This will involve careful management of contributions and investments, aided by an enabling policy environment.”
Meanwhile, NSSA has put in place a revolving loan scheme specifically for pensioners to allow them access loans at a concessionary rate toward self-help projects.
To-date more than 8 000 pensioners have benefited from the revolving loan facility, which the authority believes goes a long way in ensuring beneficiaries improve their livelihoods through various projects.
Mr Mutseyekwa said the Government has prioritised the extension of social security coverage to the informal economy as espoused in the National Development Strategy 1 (NDS1) and thus efforts are underway for the Authority to extend coverage to the informal sector.
He said NSSA’s investments are guided by and aligned to the Government vision and goals being Vision 2030 and NDS1.
“The investments are meant to guarantee the sustainability of our schemes for the benefit of members, while also stimulating economic development — job security, job creation and productivity.
“Our investments are well diversified across all critical sectors that include social and economic infrastructure — health, water and sanitation, housing delivery — renewable energy, agriculture and agriculture value chains, real estate, manufacturing, banking and insurance,” said Mr Mutseyekwa.
“We focus on economic infrastructure, social infrastructure, job creation, sustainable future, poverty reduction, empowerment, SME funding, solving social problems, and contributing to economic development in line with the aspirations of NDS1 and Vision 2030.”
And within the confines of the law, Mr Mutseyekwa said, NSSA has also invested offshore to mitigate against geographical
risk.
He said the authority’s investments also target assets that preserve value through providing for real growth that surpasses the inflation and growth in benefit obligations over time (expect capital gain/growth on investments).
“Our mandate is to provide social security to all members and their dependants in the event of any life risks such as sickness, injury or death.
“To that end, employers are encouraged to register their businesses and ensure compliance of statutory obligations that enable fulfilment of our mandate to pay out benefits.
“Contributors also have a responsibility of updating their employment history to facilitate for clean data which is key when claiming benefits.
“NSSA is also the custodian of occupational safety and health ensuring a zero tolerance to injuries at work,” said Mr Mutseyekwa.
He said NSSA is also navigating a delicate balance between providing adequate benefits and safeguarding the fund’s long-term viability and thus careful investment management and continuous evaluation of contribution rates are crucial in this
regard.
Bongani Ndlovu