Issue of pensions comes under spotlight in Parliament

By Peter Chivhima

The issue of employers and insurance companies who are fleecing employees of their hard earned cash and failing to remit medical aid and pension funds came under spotlight during this Tuesday’s parliament sitting.

This Tuesday’s National Assembly sitting saw the Portfolio Committee on Budget and Finance presenting a report on its findings regarding the Insurance and Pensions Amendment Bill which is before Parliament.

“The workshop was critical in discussing the bill. Members of public raised concerns on some of the clauses on the bill. Members of the public also supported the bill that the national social security and medical aid society should be regulated,” said a Parliamentarian.

Legislators took a swipe at errant employers and unscrupulous insurance companies who are fleecing the public of their hard earned cash.

“People are losing a lot of cash because of these people, some have since relocated to rural areas because they can no longer afford to look after themselves,” added another.

The Parliamentarians also implored the committee to go back to the drawing board and re-engage the public.

“The bill is very important to the nation and we need to revisit and help in the dissemination of information. The public should be informed correctly so that at the end will reap the benefits.”

In his Workers Day message, President Emmerson Mnangagwa warned companies against short-changing their employees by failing to remit medical aid and pension funds.

The Insurance and Pensions Commission (IPEC) Amendment Bill is among other things meant to promote disbursement of fair pensions and protect policy holders should an insurance firm become insolvent.