Gvt moves to ease the cost and pain of withdrawing pension payouts

Gvt moves to ease the cost and pain of withdrawing pension payouts

People spend hours in bank queues

The government is considering a number of ways that will enable pensioners to have their pay-outs in a convenient way and at reasonable transaction costs.

NSSA recently reviewed its pension payments upwards by 33.33 from the current $60 a month to $80 a month. However these increases will be effective from October 1 this year and might increase to $100 by January 2018, pending actuarial valuation.

For a person living outside major cities and towns $60 can be wiped by bus fare and related travel expenses alone. Not to mention the pain of waiting in long bank queues on an empty stomach to withdrawal a pittance of a payout.

The great cost associated with withdrawing $60 has been forcing those living out of major cities to collect their pension after three months. However, the daily withdrawal limits which range from $50 – $100 a day depending on the bank. Have forced many pensioners to sleep outside banks to withdraw their payouts.

Minister Mupfumira said that NSSA was considering ways that would put a stop to the above scenario and enable pensioners to have easy access to their pay-outs, including use of the National Building Society, technology and mobile platforms.

“These innovative ways will remove the need for pensioners to travel long distances, at great cost, to collect their pensions.” Minister Mupfumira said

Meanwhile some media reports indicate that NSSA is in talks with the Reserve Bank of Zimbabwe to enable pensioners to have a once off withdrawal of their pension pay-outs.

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