The Zimbabwe Congress of Trade Unions (ZCTU) has asked the Ministry of Public Service, Labour and Social Welfare to clarify reports suggesting there are individuals intending to swoop on the National Social Security Authority (NSSA)‘s First Mutual Holdings Limited (FHML), a financial services investment holdings company in Zimbabwe.
ZCTU, the country’s biggest worker representative with most of its members in different sectors of industry posted on Twitter, saying:
SCANDAL?? @ what is this we are hearing from reporters inquiries, that some people want to swoop on @ only meaningful asset @. Why would pensioners investments be sold at such a time? Who is disposing such assets at this moment of hyperinflation?
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NSSA administers social security public funds on behalf of about 1,3 million contributors and the development comes when pensioners are lamenting of late payment and erosion of their money.
Due to the soaring inflation in the country, stocks are being sold at very low prices which therefore means it that selling FHML at this juncture is not prudent.