NSSA board in bid to stamp out bad investments

By ZBC Reporter
PENSIONERS and contributors are likely to get better returns following the National Social Security Authority (NSSA)’s decision to tighten loopholes on revenue leakages which were prejudicing the authority of millions of dollars annually.
The administration of contributors’ funds by NSSA is under scrutiny on the back of alleged corrupt activities, bad investments and poor returns to pensioners exposed by a forensic audit report released last year.
While an Annual General Meeting (AGM) for the authority was held on Monday to present audited financials, the key issue is whether the new board will restore normalcy at the social security institution.
Speaking to the ZBC news after the AGM this Monday, the parastatals board chairperson, Dr Cuthbert Chidoori says gone are the days when funds will be put into projects that do not yield any meaningful returns.
“We have done all our best to contain the rot that had eroded confidence and we are just anticipating normalcy for the benefit of those who contribute funds to the organisation,” said Dr Chidoori.
According to data in the annual report, the authority posted a 189 million dollar surplus in 2018 with the value of its assets having increased to 1.6 billion dollars,
NSSA is the statutory corporate body tasked by the Government to provide social security. The provision of social security can be defined as instituting public policy measures intended to protect an individual in life situations or conditions in which livelihood and well being may be threatened, such as those engendered by sickness, workplace injuries, unemployment, invalidity, old age, retirement and death. At the moment NSSA is administering two schemes: Pension and Other Benefits Scheme and Accident Prevention and Workers Compensation Scheme, although, in an endeavor to provide a more comprehensive social security package for the Zimbabwean society, groundwork for the introduction of more schemes is underway.