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Former Ziscosteel Workers Petition Parliament Over US$3 million In Outstanding Pensions

1 year agoTue, 14 Feb 2023 10:20:29 GMT
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Former Ziscosteel Workers Petition Parliament Over US$3 million In Outstanding Pensions

About 20 members of the Ziscosteel Pension Fund have petitioned Parliament to press for the payment of US$3 million in outstanding pensions.

The firm’s ex-workers are ready to be paid in Zimbabwe dollars, NewsDay reported citing Ziscosteel Pension Fund’s seven-page petition.

The petition which was submitted to the Parliamentary Portfolio Committee on Finance and Economic Development dated February 3, 2023, showed that the 20-member group served the steelmaker for a combined 600 years.

Zimbabwe Pension and Insurance Rights Trust (ZimPIRT), which is representing the ex-Zisco staff, says its attempts to be paid pensions have been frustrated for a period spanning over half a decade. Martin Tarusenga, general manager at ZimPIRT said:

With regards ZimPIRT public role, the organisation prepared a pension benefit report for 20 members of Zisco Steel Pension Fund for onward submission to its board of trustees, for its consideration. 

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The report establishes that Zisco Steel Pension Fund owes the 20 pensioners a total of US$3 million (or the equivalent in Zimbabwe dollars at the prevailing exchange rate). This US$3 million is in pension capital serving to support their pension benefits, that is the optional cash commutation and/or the monthly pension payments. This capital accrued over the period of participation averaging 30 years per member.

I understand that these members proceeded to use this report in their appeal to the regulator of pension and insurance industries, Insurance and Pensions Commission (Ipec), when it occurred to them that the board of trustees was not acting soon enough.

He said the pensioners have not to date got a response to this report from either the board of trustees or Ipec.

Tarusenda added that the US$3 million is in pension capital serving to support their pension benefits and it accrued over the period of participation averaging 30 years per member.

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