BY MISHMA CHAKANYUKA
Public Service, Labour and Social Welfare minister Sekai Nzenza has given National Social Security Authority (NSSA) pensioners a once-off discretionary bonus to cushion them from the increase in cost of living.
The discretionary bonus was equivalent to a month’s pension and meant to cushion NSSA pensioners from the general increase in the cost of living.
In a statement yesterday, NSSA said the bonus decision was taken as a stop-gap measure and it would be paid in July.
“The decision was taken as a stop-gap measure, while waiting for the conclusion of a mid-term actuarial review that is being carried out as an urgent matter following significant progress made in the preparation of the authority’s financial statements for the year ended 2018,” NSSA said.
“The actuarial valuation will guide the authority in determining the level of benefits, reviews, taking into account the long term sustainability of the schemes.”
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NSSA said recent developments in the economy have negatively impacted on the pension increase that was under consideration and necessitated the decision to conduct another actuarial valuation.