HARARE – In a move meant to buffer Zimbabwean pensions from the country’s galloping inflation, the National Social Security Authority (NSSA) has introduced partial pay-outs in US dollars.
Zimbabwean pensioners are paid in local currency, whose value keeps tumbling and eroding wages.
Prices of goods and services shot up recently, prompting government to allow cheap imports in an ostensible bid to counter the increases.
Among those who have been greatly affected by the hike are pensioners, most of whom depend on the pay-outs for a living in their post-employment years.
In a notice, NSSA said it has introduced foreign currency payments with disbursements set to commence in June this year.
“Beneficiaries will receive a portion of their monthly pension in US dollars for the month of June 2023,” said the government entity.
“Beneficiaries with Econet lines will have the choice of using the USD component through Ecocash, or their usual bank accounts.”
NSSA added that modalities for incorporating other mobile money service providers are currently underway.
In addition to their demands for US-based salaries, pensioners have complained over low payments with the lowest-paid pensioners reportedly receiving an equivalent of US$35 per month.
