PSC to host retirement conference

THE Public Service Commission is planning to hold a retirement conference intended to serve as a crucial platform for aligning with the Government’s dedication to comprehensive social protection for civil servants. The initiative seeks to address the future of retirement security and ensure that systems evolve in line with the changing needs of the workforce.

The chairperson of the Public Service Commission, Dr Vincent Hungwe, stated that the commission aims to diversify and secure investments, thereby fortifying the foundation of social protection that will benefit civil servants long into retirement.

He said that the Bulawayo Student Accommodation City (BSAC), which was officially commissioned last week by President Mnangagwa and in which the Public Service, through the Public Service Pension Fund, holds a 10 percent stake, is part of this investment initiative.

The Public Service Pension Fund remains one of the strategic investment vehicles under the Second Republic and aims to create wealth for contributors, eventually reducing pension dependence on the Treasury.

“This investment is a testament to our multi-pronged investment strategy aimed at evolving our pension fund into a self-sustaining asset. Our goal is simple yet profound: to ensure a robust financial future for the public servants who dedicate their lives to building Zimbabwe.

“This initiative is one of many efforts that aim to diversify and secure our investments, thus fortifying the foundation of social protection that will benefit civil servants long into retirement,” said Dr Hungwe.

He was speaking at the official commissioning of the Bulawayo Students Accommodation City Complex, a state-of-the-art facility valued at US$18,5 million last week.

“In further support of this commitment, I am pleased to announce that the Public Service Commission is organising an upcoming retirement conference.
“This gathering will serve as a critical platform to align with the Government’s commitment to effective social protection for civil servants, addressing the future of retirement security and ensuring that our systems adapt to the changing needs of our workforce.”

President Mnangagwa hailed the project as a successful illustration of the benefits of strategic collaboration between the public and private sectors towards infrastructure development.

The construction of the facility was accomplished in record time, with 516 rooms designed to accommodate two students each, thus housing a total of 1 032 students.
The project was completed by a consortium led by the Public Service Pension Fund, with co-investors including Old Mutual Life Assurance Company, Infrastructure Development Bank of Zimbabwe (IDBZ), Motor Industry Pension Fund, Zimnat Nominees and the Old Mutual Local Pension Fund.

Upon completion, the complex immediately began housing students from various tertiary institutions in July last year, with particular attention given to National University of Science and Technology (Nust) students who had suffered from an acute lack of accommodation.

It is expected that the model will be replicated in other cities hosting universities, with Lupane State University (LSU) earmarked as the second beneficiary.