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Harare — The National Social Security Authority (NSSA) will increase monthly pension payouts from $60 to $100 later this year, Public Service, Labour and Social Services Minister Prisca Mupfumira has said.

Minister Mupfumira said NSSA would increase the pension payouts from the current $60 per month to $100 by September and eventually $150 by year-end. “We want to give pensioners a liveable pension and we are in the process of doing that. By September we should have increased payouts to not less than $100 then to $150 by December,” she said.

NSSA was established through an Act of Parliament to facilitate a social security scheme for all employees on retirement.

It collects contributions every month to invest in revenue generating projects to fund the pensions.

NSSA payouts have however remained a paltry $60 per month, an amount that pensioners who live outside the cities might exhaust on bus fare and related travel expenses alone.

The authority’s investment portfolio includes money markets, property, short and long term investments in companies as well as in land. — New Ziana