80 Percent Of Workers Being Condemned To Poverty In Retirement, Companies Not Remitting Pensions: Ipec

The Insurance and Pensions Commission (Ipec) has warned that 80 percent of Zimbabwean workers are being condemned to poverty upon retirement. Ipec blamed companies for not remitting pension contributions. Speaking at the Zimbabwe Association of Pension Funds (ZAPF) annual congress, Ipec Head of pensions Josphat Kakwere said,

As we seek to reposition the industry, let’s avoid the current scenario where old age has been transformed to old poverty. Pension should be sustainable, affordable and relevant…There are about 1.23 million active contributors under the National Social Security Authority and about 80 percent of the working class when they get to retirement they will be condemned to old age poverty because of lack of remitting by companies, and corruption.

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