{"id":97606,"date":"2024-08-15T12:11:25","date_gmt":"2024-08-15T10:11:25","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme"},"modified":"2024-08-15T14:19:13","modified_gmt":"2024-08-15T12:19:13","slug":"do-not-over-rely-on-nssa-pension-scheme","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme","title":{"rendered":"\u2018Do not over rely on NSSA pension scheme\u2019"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>NATIONAL Social Security Authority (NSSA) director of social security Shepherd Muperi says people should not be overly reliant on the social security scheme as it constitutes a small amount of cumulative pension payouts.<\/p>\n

Speaking during NSSA journalism mentorship programme in Harare last Friday, Muperi said there was a general misconception that NSSA should provide everything, adding that this was not the case since the social security scheme only accounted for 9% of pension payouts, whereas the occupational pension scheme contributes 20%.<\/p>\n

\u201cThe NSSA pension contribution rate of 9% (4,5% employee and 4,5% employer) is much lower than the average 20% contribution rate for occupational pension schemes,\u201d Muperi said.<\/p>\n

He said NSSA\u2019s contribution rate, which is split equally between the employee and employer, is significantly lower than that of the occupational pension scheme.<\/p>\n

According to NSSA, the social security scheme was created to co-exist with the occupational pension funds, which is why it only contributes a small portion of the pension income.<\/p>\n

Muperi also pointed out that NSSA\u2019s benefits extended beyond just the contribution rate.<\/p>\n

\u201cThe insurable earning ceiling is capped at US$700, which is payable in local currency at the prevailing interbank rate,\u201d he said.<\/p>\n

Meanwhile, NSSA has revealed it has made gradual increases in contribution rates over the years guided by actuarial valuations.<\/p>\n

\u201cContribution rates have increased gradually from 6% in 1994 to 7% in 2013 and then 9% in 2020 to date, guided by actuarial valuations,\u201d the social security body said.<\/p>\n

Insurance and Pensions Commission director of insurance Sibongile Siwela said achieving universal insurance coverage would require government support.<\/p>\n

\u201cThe national budget must provide funding to ensure universal coverage. The government must collect taxes so that contributions can be made for those who are unable to do so,\u201d she said.<\/p>\n

\u201cInsurers and pension funds should invest in assets that mature or generate cash flows at the same time as their liabilities become due.\u201d<\/p>\n

The matching concept in insurance and pensions refers to the principle of aligning the duration of assets with the duration of liabilities.<\/p>\n

It involves matching the cash flows from investments (assets) with the cash flows required to meet policyholder benefits or pension payments (liabilities).<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. NATIONAL Social Security Authority (NSSA) director of social security Shepherd Muperi says people should not be overly reliant on the social security scheme as it constitutes a small amount of cumulative pension payouts. Speaking during NSSA journalism mentorship programme in Harare last Friday, Muperi said there was a general misconception that NSSA […]<\/p>\n","protected":false},"author":84,"featured_media":97605,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[19],"class_list":["post-97606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-zimbabwe"],"yoast_head":"\n\u2018Do not over rely on NSSA pension scheme\u2019 - zimbabwe<\/title>\n<meta name=\"description\" content=\"NATIONAL Social Security Authority (NSSA) director of social security Shepherd Muperi says people should not be overly r ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Do not over rely on NSSA pension scheme\u2019\" \/>\n<meta property=\"og:description\" content=\"NATIONAL Social Security Authority (NSSA) director of social security Shepherd Muperi says people should not be overly r ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-15T10:11:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-15T12:19:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/08\/sm_1723711684.917846.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"382\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2018Do not over rely on NSSA pension scheme\u2019\",\"datePublished\":\"2024-08-15T10:11:25+00:00\",\"dateModified\":\"2024-08-15T12:19:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme\"},\"wordCount\":369,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/08\/sm_1723711684.917846.jpg\",\"keywords\":[\"Zimbabwe\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/do-not-over-rely-on-nssa-pension-scheme\",\"name\":\"\u2018Do not over rely on NSSA pension scheme\u2019 - 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