NRZ Pensioners Earning US$3 Monthly Payouts | Report

Retired National Railways of Zimbabwe (NRZ) workers are reportedly receiving a monthly pension payout equivalent to around US$3 per month.

One pensioner who spoke to NewZimbabwe.com on Wednesday on condition of anonymity claimed the National Railways of Zimbabwe Contributory Pension Fund (NRZCPF) is paying out ZWL$3 000 per month. Said the pensioner:

Early this year the pension payouts were increased from around ZWL$2 000 to ZWL$3 000 which is not even enough to purchase more than US$3.

The worst part is that one needs ZWL$1 000 to travel to the bank if you are based in urban centres and even much more for those residing in rural areas.

This added to high bank charges makes it senseless to even think of withdrawing the money.

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What boggles the mind is that employees working for these pension funds are sitting pretty, enjoying hefty packages from our sweat.

The pensioner said NRZCPF took advantage of Statutory Instrument 33 of 2016 which introduced the Zimbabwe dollar as the sole currency. He said:

So since then, a pensioner who was earning US$400 was automatically paid ZWL$400 and despite the changes which took place thereafter we did not factor in.

Contacted for comment on the matter, NRZCPF board chairperson, Takunda Madanha said:

I will not comment on the figures being paid out, but we know that the payouts are too little for now.

Pensioners also need to appreciate that we are basing the payouts on a defined pension contribution scheme under which what is paid for is a result of what one invested.

There are three factors that contribute to this; your last pensionable salary, the duration of your service and the savings you made.

He said pensioners should understand that contributions made in the GNU era were much higher which explains the differences in current payouts. He added:

We are however trying to improve the situation by collecting rentals from our properties but again we are dogged by rising void spaces and low rentals which have high defaults.

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