NSSA Says It Will Increase Pension Payouts By 50%

1 year ago
Sun, 21 Aug 2022 04:15:22 GMT
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NSSA Says It Will Increase Pension Payouts By 50%

The National Social Security Authority (NSSA) says it will review pension pay-outs by up to 50 per cent this month.

It also said the pay-outs will be progressively adjusted in the coming months subject to “affordability and sustainability” to cushion pensioners from recent price increases.

NSSA board chairperson Percy Toriro told State media that the company had reviewed pay-outs of its two schemes — the Pension and Other Benefits Scheme (POBS) and the Accident Prevention and Workers Compensation Scheme (APWCS) — with effect from 1 August 2022.

He said a supplementary payroll for August is being processed to cover the difference in payments made earlier. Said Toriro:

Following an actuarial review of our two schemes, we obtained requisite approvals to increase benefits under POBS by 50 per cent, which translates to a minimum retiree pension of $24 000, from $16 000.

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Those under APWCS will enjoy a 39 per cent increase, which puts their minimum pension at $30 000, up from $21 600.

Last week, Public Service, Labour and Social Welfare Minister Professor Paul Mavima opened a clinic – which is set to be the first of many – that will offer pensioners free primary healthcare.

More: The Sunday News



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