Mid-year discretionary bonus for NSSA pensioners

The National Social Security Authority (NSSA) has awarded a discretionary bonus aimed at cushioning pensioners from the general increase in the cost of living.

In a statement, Public Service, Labour and Social Welfare Minister, Sekai Nzenza, said pensioners will have a cushioning allowance on the cost of living.

“I have decided to award a once off discretionary bonus equivalent to a month’s pension to cushion NSSA pensioners from the general increase in the cost of living,” she said.

Nzenza also said “The decision was taken as a stop-gap measure while waiting for the conclusion of a mid-term actuarial review that is being carried out as an urgent matter following significant progress made in the preparation of the Authority’s Financial Statements for the year ended 2018.

The actuarial valuation will guide the Authority in determining the level of benefits reviews, taking into account the long term sustainability of the schemes.”

“Recent developments in the economy have negatively impacted on the pension increase that was under consideration, hence the decision to conduct another actuarial valuation. The discretionary bonus will be paid in July 2019.