ZimDef realises $6,5m surplus

The Zimbabwe Manpower Development Fund (ZimDef) realised an increase of more than 200 percent in surplus to $6,5 million for the year ended December, 2015.

In 2014, the fund posted a surplus of $2,8 million.

ZimDef which falls under the Ministry of Higher and Tertiary Education, Science and Technology Development, is tasked with supporting manpower development in the country.

It is funded through a levy imposed on employers and also runs some businesses including a training bureau to augment its income. Employers pay about one percent of their gross wage bill towards ZimDef, with the fund also making money through short term investments and rentals from leased properties.

Auditor General Mildred Chiri signed off the fund’s financial statements as a “fair” representation of its financial position. During the year, ZimDef saw its income increase to $48,8 million, up from $43,1 million the previous year.

The fund did, however, not give any details explaining its improved financial position.

Ideally the money is supposed to go towards payment of tuition, boarding fees and wages of apprentices,industrial attachment allowances to polytechnic students and acquisition of equipment for polytechnic colleges and other industrial training centres. — New Ziana.

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