NSSA introduces US dollar partial pension pay-outs

Zim Now Writer

The National Social Security Authority has introduced partial pay-outs in US dollars in a move meant to achieve value retention as well as protect pensions from the country’s spiking inflation.

All along, Zimbabwean pensioners have been receiving their pay-outs in local currency, whose value keeps tumbling and thus eroding value.

Prices of goods and services shot up recently, prompting government to allow cheap imports in an ostensible bid to counter the increases.

Among the worst-affected groups are pensioners, most of whom depend on the pay-outs for a living in their post-employment years.

In a notice, NSSA said it has introduced foreign currency payments with disbursements set to commence in June this year.

“Beneficiaries will receive a portion of their monthly pension in US dollars for the month of June 2023,” said the national insurer.

“Beneficiaries with Econet lines will have the choice of using the USD component through EcoCash, or their usual bank accounts.”

NSSA added that they are currently working on modalities to incorporate other mobile money service providers.

Besides US dollar pay-outs, pensioners have also been pushing for an upward review of the pay-outs. The lowest-paid pensioner currently reportedly receives an equivalent of US$35 per month.