Mining Pension Fund To Compensate 33,000 Pensioners
The Mining Industry Pension Fund (MIPF) will compensate pensioners who lost their benefits during the hyperinflationary era between 2006 and 2009.
More than 33,000 people have not yet claimed their benefits; of those, about 10 pensioners are set to receive about US$100,000.
During the Zimbabwe Diamond and Allied Minerals Workers Union’s Gwanda regional meeting held last week, MIPF Bulawayo branch manager Perseverance Dube said that those without benefits should visit MIPF offices. He said (via NewsDay):
We are paying compensation for everyone who lost pension benefits between 2006 and 2009. If it means liquidating some of the MIPF assets to do that it will be done and some of the pensioners but just a few I think around 10 or less will be given US$100 000 or so, but they are few of them.
We are working on ensuring that those who lost benefits get compensated and we have around 33 000 people who have not claimed their benefits so far. If you know some of these people, just advise them to visit MIPF offices.
In 2015, the late former President Robert Mugabe established a commission of inquiry to investigate the devaluation of life insurance policies and pensions following Zimbabwe’s shift to a multicurrency regime in 2009.
The Justice George Smith-led commission found that policyholders and pension scheme members were prejudiced during the conversion and recommended compensation.
In 2023, the government issued regulations to recognise the loss of value of pension products from January 1, 2000, to February 28, 2009, ensuring affected members are compensated.
Insurers and pension funds were instructed to submit compensation plans, including lists of eligible policyholders and compensation amounts, by December 31.
Last week’s Zimbabwe Diamond and Allied Minerals Workers Union meeting aimed to adopt a strategic plan for building union power, securing jobs, and driving transformation.
Key strategies included fighting for the benefits and pensions of retired and retiring mine workers.
Dube said that, in addition to NSSA, the World Bank established industry-based occupational pension schemes. He said:
In the mining industry, we have MIPF, in clothing, we have the Clothing Industry Pension Fund, in catering, we have the Catering Industry Pension Fund.
So the government also looked at that structure and said for each industry we are going to set up an industry-based pension scheme for every industry that looks at the needs of that particular industry and addresses them, but NSSA is for all of us.
Dube said in addition to the 4.5% NSSA contribution, mine workers also contribute 7.5% to MIPF for occupational-based schemes.
More: Pindula News
