National Railways of Zimbabwe (NRZ) pensioners will be smiling all the way to the bank this festive season courtesy of a windfall which the
The National Railways of Zimbabwe (NRZ) has cleared a huge debt owed to the NRZ Contributory Pension Fund, NewsDay learnt.
Last year, the parastatal made headlines for the wrong reasons after it topped the list of entities owing the largest debts in pension arrears according to IPEC’s name and shame list.
The NRZ has been haggling with the NRZCPF board of trustees and management for years on the longstanding arrears, with intensive engagements culminating in the clearance of arrears by the former.
NewsDay heard that the NRZCPF board and management met on November 14 to deliberate on the way forward and resolved to reward the pensioners with United States dollar payments starting next week.
“The NRZCPF board and management have over the years been engaging the NRZ, which is the scheme sponsor, for liquidation of longstanding contribution arrears. Now what has happened is that after the NRZ and NRZCPF have had a breakthrough on the matter as NRZ has cleared its arrears,” a source said.
“As a result, it was resolved at the NRZCPF Board meeting held on Tuesday that pensioners should get a windfall for November. In addition, funds are being mobilised in US Dollars, locally and from external investments, for channelling to members,” the source said.
NRZCPF Chairman, Takunda Madanha, confirmed the development saying payments will start next week.
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“This will bring smiles on the faces of our Fund members during this festive season. Payments will start in the week beginning November 20 while concrete plans for December and January are already in place,” he said.
