PSC retirement conference to map brighter future for retirees

The Public Service Commission’s inaugural retirement conference set for December aims to assess the retirement landscape in public service, create suitable retirement products, and encourage stakeholder commitment to improving retirees’ welfare.

The conference, themed “Embracing a New Chapter: Empowering Public Sector Workers for Retirement with Dignity,” will take place from December 4-6 in Harare.

“The conference theme,” Embracing a New Chapter: Empowering Public Sector Workers for Retirement with Dignity,” reflects the Commission’s commitment to ensuring retirees in the Public Service are not left behind in the journey towards a prosperous and empowered upper middle-income society by 2030, through innovation, inclusiveness, and entrepreneurship,” reads a notice from the commission.

The commission said the initiative aligns with the National Development Strategy 1 (NDS1) priorities, focusing on economic growth, health and well-being, housing delivery, social protection, and devolution.

Expected outcomes include raising awareness on retirement planning in the public service, enhanced knowledge and capacity for quality retirement programming, and strengthened stakeholder commitment to ensuring dignified retirement in the civil service.

Another outcome is to have a clear articulation of collective initiatives for better retirement products.

Stakeholders from Government ministries, parastatals, independent commissions, financial planners, insurers, estate planners, and health insurers are expected to share perspectives and expertise.

In his State of the Nation address in October, President Mnangagwa announced the Government’s intention to establish a State Service Pension Fund and urged Parliament to swiftly pass the State Service Pensions Bill.

This fund aims to provide eligible retirees with a reliable monthly income after their public service.

At the moment, civil servants receive pension payments solely from the National Social Security Authority (Nssa), which offers less than US$100 per month.

The State Service Pension Fund, a Government-managed social security institution, aims to provide additional financial relief to retirees.

It will collect contributions from employees during their careers and invest these funds in assets like stocks, bonds, and real estate to generate returns for future pension obligations.

Besides retirement benefits, the fund will also offer disability pensions for employees unable to work due to illness or injury and survivor benefits for the families of deceased workers.