NSSA increases pension fund benefits

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Insurable earnings increase to ZWL$21.641

TCPL for an average household of 5 now settle at ZWL$5.312

Harare-The National Social Security Authority (NSSA) has announced that the new contribution levels that are in line with the Statutory Instrument(SI)169 of 2021 which was set to ensure that pensioners get meaningful benefits in order to stay afloat of the TCPL will come into effect from the June 2021 payroll.

The SI169 of 2021 states that the maximum amount of monthly earnings in respect of which contributions are payable shall be 75% of the prevailing previous month Total Consumption Poverty Line for an average of five persons per household with effect from 1st June 2021. 

“Where the Total Consumption Poverty Line figure is not available or published, the last published figure is applicable,” the SI reads.

The Total Consumption Poverty Line (TCPL) refers to the sum of the food poverty line and the average amount derived from non-food items of households whose total expenditure is equal to the food poverty line.

According to the public notice published by NSSA, the insurable earnings ceiling for the month of June 2021 is therefore ZWL$21.641.25.

“We will publish the monthly insurable earnings applicable for each month by the 1st of each month on the NSSA website www.nssa.org.zw,” the authority said.

As it stands the TCPL surged from the ZWL$4.426 reported in November 2020 up to ZWL$5.312 in March 2021.

Meanwhile, the Authority would like to remind all stakeholders that the adjustments are necessary to restore and maintain the sustainability and viability of the schemes as well as to enable the Authority to pay meaningful benefits to current pensioners.

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