NSSA urges members to consider personal savings and investments

Happymore Chayira

The National Social Security Authority (NSSA) has urged employees to consider personal savings and investments to supplement the “low” pension pay-outs that they will receive when they retire.
Speaking during the second online session of the 2024 Journalists Mentorship Programme, which is jointly organised by the National Social Security Authority (NSSA) and the Insurance and Pensions Commission, NSSA’s director of Social Security Mr Shephered Muperi said the additional income will help the new pensioners to mitigate post-employment risks.

“What is critical to note is that NSSA collects the least contributions in the insurance industry,” he said.

“In that regard, it is supposed to provide basic income replacement or basic cover. It is designed to co-exist with occupational pension schemes where our citizens or contributing members are also supposed to contribute much more.”

The pension pyramid is comprised of the National Social Security Scheme (Pension and Other Benefits Scheme) administered by NSSA at the base, mandatory occupational pension schemes in the middle, and individual savings at the tip.

In recent years there has been an outcry over the extent to which NSSA pension pay-outs can sustain beneficiaries.

Beneficiaries are claiming that their monthly pay-outs are not able to meet their needs thus leaving them in abject poverty.