HomeLocalMan offered US$10 as monthly retirement payment

Man offered US$10 as monthly retirement payment

AFTER 34 years of service in the construction industry, Vincent Muzivorwenyu retired to his rural home in Bikita, hoping that his pension contributions would take care of his needs.

REPORT BY OUR STAFF

In February hope turned into despair for Muzivorwenyu: the Construction Industry Pension Fund told him that his money was ready. His bank account was credited with a “lump sum” of US$647.

In addition, the fund said, Muzivorwenyu would get a monthly payment of US$10.

“You can also have your pension paid to you every quarterly, half yearly or yearly…through your bank and we would be pleased to receive your instructions in this regard,” pensions manager E Lunga wrote.

Notwithstanding the low pay-outs Lunga further wrote: “May we [Construction Industry Pension Fund] take this opportunity to wish you a long and happy retirement.”

Zimbabwe Pensions and Insurance Rights (Zimpirt) general manager, Martin Tarusenga said his organisation was in the process of assessing the amounts being paid to pensioners.

Muzivorwenyu told The Standard yesterday that the pay-out was not commensurate to the contributions he had made.

“I don’t know how I can plan to withdraw the money monthly. From my home to Nyika Growth Point, the fare is US$5 and this means my monthly pay-out would be eroded in transports costs alone,” he said.

Muzivorwenyu’s plight is shared by the majority of the country’s pensioners who are struggling to make a living after retirement.

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