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The National Social Security Authority must focus its investments more on social development projects that benefit pensioners and low-income earners, who constitute the majority of its contributors, a Cabinet Minister said yesterday.

With over $1 billion worth of assets under its management, NSSA, a Government-run pension fund, is currently the biggest institutional investor on the Zimbabwe Stock Exchange.

Announcing a new board for NSSA, Public Service, Labour and Social Welfare Minister Priscah Mupfumira said the institution’s investment policy should be biased towards development issues and job creation in line with Government targets under Zim-Asset.

“It is necessary for NSSA’s Investment Policy to address issues relating to infrastructure development, agricultural production, processing and marketing, small to medium enterprises, and housing, especially low income earners,” she said.

“We want the investment policy to also focus on issues of jobs rather than simply concentrating on money market investments.”

The new board is chaired by chartered accountant Robin Vela, who is deputised by Daphne Tomana.

Other board members include Hashmon Matemera, Sijabiliso Biyiam, Nester Mukwena and Eria Phiri representing employers on the board as well as Jemima Mateko and Richard Gundai representing employees.

Another worker representative was still to be appointed pending clearance.

Memory Mukondomi representing the Ministry of Public Service, Labour and Social Welfare on the board and NSSA general manager, James Matiza are ex-officio members of the board.

Minister Mupfumira said provision of affordable housing would complement efforts of the Public Service Commission which is currently struggling to post qualified personnel in rural areas due to accommodation challenges.

The minister urged the new board to push for introduction of new schemes that are administered by NSSA.

The pension fund currently runs the Workers Compensation Insurance Fund and the National Pensions and Other Benefits Scheme but has previously indicated plans to introduce a national health insurance scheme and a maternity Benefits scheme.

“With recent increases in medical aid contributions by some companies, there is need to speed up the process of coming up with such schemes as the national health insurance scheme and maternity benefits scheme,” Minister Mupfumira said.

Board chair, Vela said the new board was geared to work hard and ensure the growth of NSSA.

“We will do all we can to ensure we deliver on our mandate,” he said. — New Ziana.