NSSA To Pay Part Of Monthly Pensions In US Dollars

The National Social Security Authority (NSSA) has pledged to pay pensioners part of their monthly pension in US dollars to cushion them against runaway inflation.

NSSA said pensioners will receive the money through mobile money services or their banks. It said:

NSSA beneficiaries will receive a portion of their monthly pension in US dollars for June. ​​​

Beneficiaries with Econet lines will have the choice of receiving the US dollar component through Ecocash or their usual bank accounts.

Zimbabwe’s unending economic crisis has thrown pensioners deeper into poverty as their meagre monthly payouts in Zimbabwean dollars are gobbled by inflation.

The majority of pensioners cannot afford to buy food and medication due to soaring prices and rising inflation.

Pensioner Veronica Gundano (74), told TimesLIVE that pensioners are struggling to make ends meet. She said:

The cost of everything has gone up. l can’t even buy groceries or my medication with my monthly pension of ZWL$40,000 [R2,137]. Pensioners are living [in] poverty and we are struggling.

Receiving a portion of my monthly pension in US dollars will be helpful, but the government still needs to do much more to lift pensioners out of poverty.

Economist Victor Bhoroma welcomed the move by NSSA to pay pensioners part of their monthly pension in US dollars. He said:

NSSA has been receiving contributions from its members in foreign currency for some time. Close to 160 000 pensioners are on the NSSA payroll.

The majority of these are wallowing in extreme poverty due to high levels of inflation in the local currency.

As such, the move will help alleviate poverty, cover the gap left void by disintegrated social safety nets and improve buying power for pensioners.

More: Pindula News