Funeral Assurance companies have been forced to review premiums upwards by 100 per cent as the value of the local currency continues to tumble on the alternative market.
Nyaradzo Funeral Assurance Company sent a notice to its policyholders notifying them of its intention to raise the premiums. The notice reads:
In order to preserve the value of funeral policy benefits, kindly note with effect (from) June 1, funeral policy premiums shall be increased by 100%. We shall communicate the same to all policyholders through SMS before May 1.
Meanwhile, Zimbabwe Congress of Trade Unions (ZCTU) president Peter Mutasa said that workers now have nowhere to turn to after the government abandoned them. Said Mutasa:
Government and business look at the workers as their escape route. Now that business is falling on the sword of austerity and neo-liberal economics, they are cushioning themselves without increasing salaries.
The government also just wakes up, increases taxes and forgets about the welfare of the workers, yet we have nowhere to turn to.