NATIONAL Social Security Authority general manager Mr James Matiza and four other directors have been relieved of their duties after a management shake-up at the State pensions authority.
The changes were announced by NSSA’s newly appointed board, led by banker Mr Robin Vela, charged with charting a new course for the Authority, as it embarks on a restructuring exercise.
The senior management posts affected, other than the general manager’s, include positions of investments director, finance director, corporate services director and ICT director, whose incumbents will cease to represent NSSA with immediate effect.
NSSA board member, Mr Hashmon Matemera, the former Group managing director of BancABC Zimbabwe, will act as interim general manager until a substantive general manager has been identified,” NSSA said in a statement released yesterday.
The statement stressed that Mr Matemera is not a candidate for the substantive position and his acting appointment will not extend beyond the latest date of March 31 2016 under any circumstances.
Contacted yesterday, Mr Matiza said he was not allowed to comment on the recent changes at the authority.
“I am not allowed to say anything to do with that. I have been barred from saying anything about it,” he said.
The changes at NSSA, in terms of the shake-up of senior management, come following recent criticism of the authority over its perceived failure to invest pensioners’ money in areas with significant or meaningful socio-economic value on the lives of beneficiaries.
The authority’s management have often been vilified for their choice of investment, including concentration in the equities market and financial institutions where it recently lost about $20 million after dabbling in the affairs of cash strapped Capital Bank.
With over $1 billion worth of investments, the statutory pension fund is the biggest institutional investor in Zimbabwe, but Government recently revealed plans to review its investment policy.
Public Service, Labour and Social Welfare Minister Prisca Mupfumira in July said NSSA’s investment policy should be biased towards development issues and job creation in line with Zim-Asset.
NSSA is constituted and established in terms of the National Social Security Authority Act of 1989 and so is the statutory corporate body tasked by the Government to provide social security.
The provision of social security can be defined as public policy measures intended to protect an individual in life situations or conditions in which their livelihood and well being may be threatened.
Such risks include situations engendered by sickness, workplace injuries, unemployment, invalidity, old age, retirement and death.
The role is based on the principle of social solidarity and pooling of resources and risks, involving drawing of savings from periods of employment, earnings and good health to provide for periods of unemployment, old age, invalidity and death.
NSSA is currently administering two schemes: Pension and Other Benefits Scheme and Accident Prevention and Workers’ Compensation Scheme, but, in an endeavour to provide a more comprehensive social security package for the Zimbabwean society, groundwork for the introduction of more schemes is underway.