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The National Social Security Authority (NSSA) has announced plans to increase monthly pension payouts by 66% to $100, up from the current $60. This move is expected to bring relief to pensioners who have been struggling to make ends meet due to inflation and the depreciation of the local currency.
According to NSSA board chairperson Dr. Emmanuel Fundira, the authority is committed to bettering the lives of pensioners. “We are looking at increasing our balance sheet to levels close to $2 billion by the year 2030. This will enable us to attain pension payouts that can be indexed way above inflation levels,” he said.
The planned increase is expected to take effect by the end of 2025, with pension payouts reaching between $80 and $100, depending on the performance of the investment portfolio value. This move will position Zimbabwe closer to regional peers, such as South Africa, where the maximum monthly old age pension is approximately $116.
NSSA’s investment portfolio has seen impressive growth, increasing by 39% in 2023 and 35% in 2024, bringing its total value to $800 million. This growth is expected to underpin the planned improvements in pension payouts, providing a more stable and promising future for pensioners.
The authority has been working to improve the lives of pensioners, including introducing partial US dollar disbursements to cushion them against inflation and the depreciation of the local currency. In 2023, NSSA raised the minimum pension payouts from $20 to $60 for retirees and $70 for injured workers.
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