NSSA eyes US$150m profit

By Staff Reporter

THE National Social Security Authority (NSSA) expects profit (surplus) to come in at US$150m against US$103m achieved last year.

According to the NSSA general manager Elizabeth Chitiga the authority will issue a 13th cheque to pensioners as it continues to register improvement in operations under new management.

“Pensioners will get a 13th a cheque and things are now looking up as we enter a new era. The 13th cheque is owing to good performance as our balance sheet is now at US$1.5bln from US$950m when the new management took over. Profits will be US$150mln from US$103m we did last year. We believe the new dispensation will assist us do better and become the investment of choice as we now a robust team to do our investment,” said Chitiga.

The authority recently increased its monthly stipend to pensioners from US$60 to US$80 which is still below the poverty datum line.

Before the new management took over the authority was blighted by poor corporate governance tenets and widespread corruption in its operations and investments.

NSSA is a major player on the Zimbabwe Stock Exchange (ZSE) and has a significant property portfolio across the country.

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