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Zimbabwe Urged to Take Swift Action on Pension Scheme Anomalies

The majority of the country’s elderly, struggling with health issues as they progress in life, have little or nothing in the bank after their savings and pensions were wiped out by dollarization. (Photo: Help Age)

Observers say the government has to take swift action to rectify problems bedeviling the running of pension schemes in Zimbabwe.

They say government should come up with stringent policies to protect pension funds as retirees complain that they are getting a pittance or nothing at all after leaving work.

Researcher and policy analyst Butler Tambo of the Policy and Research Institute of Zimbabwe said the fresh policies should tighten screws on pension executives abusing public funds.

Some pensioners are getting as low as $20 per month. Their pensions were eroded by hyperinflation which, according to the International Monetary Fund hit 500 percent in 2008.

NSSA says its woes are exacerbated by companies that are not remitting pension funds to the state entity.