NSSA Plans Pension Access for 3 Million

Why this is here: NSSA disbursed a bonus—ranging from a minimum of US$70 to a maximum of US$2,970.43—along with May pension payments to beneficiaries of its two main schemes.

The National Social Security Authority in Zimbabwe plans to extend pension coverage to over three million informal sector workers. NSSA general manager Dr.

Charles Shava stated the scheme is nearing completion, aiming to include vendors, traders, and self-employed people currently excluded from formal systems. This initiative responds to Zimbabwe’s growing informal economy, where millions lack pension or insurance coverage.

The authority is currently completing research and consultations to design appropriate products for workers with irregular incomes. NSSA also seeks approval for a maternity protection scheme and recently announced a discretionary bonus for current pensioners, ranging from US$70 to US$2,970.43 depending on the scheme.

However, NSSA acknowledges its pension schemes face ongoing pressures from inflation and changing employment patterns. An actuarial valuation report, due at the end of June, will inform future adjustments and sustainability measures, and the full impact of these reforms remains to be seen.