NSSA pensioners are set to receive once off basic commodities grocery vouchers from June as an interim measure to cushion them from the rampant rise in the cost of living, while the state pension fund explores other ways of further mitigating the plight of its beneficiaries.

The Authority’s Deputy Director Marketing and Communication, Tendai Mutseyekwa, said cashflows would determine how the vouchers would be staggered, adding that every beneficiary would receive their share, without any prejudice.

“NSSA is determined to safeguard the standard of living of its pensioners and beneficiaries. We will soon be issuing grocery vouchers to enable them to access basic commodities as a matter of urgency while we continue to explore other ways of ensuring a decent standard of living for our pensioners.

“This is a once off arrangement, like that which we instituted last year. Our pensioners will also benefit from the recent drastic upward movement of the auction rate as their pay-outs are based on a US dollar rate, which is payable at the local currency equivalent. Apart from this, we will continue with quarterly reviews of the benefits that we pay,” said Mutseyekwa.

Among measures that are in place to augment pensioners’ income are non-monetary benefits such as access to a revolving facility for income generating projects by pensioners. Under this scheme, pensioners can access a loan of up to 10 times their monthly pension at a favourable interest rate of 10% per annum. The minimum repayment period is 18 months and a recipient can apply for a loan top-up, depending on performance of their project.

“We have enhanced accessibility to this facility by on-boarding AFC Commercial Bank and ZB Bank, in addition to NBS and POSB. Following the lifting of lending restrictions by the RBZ, we have since provided funds to the respective banks to enable them to start lending to pensioners. All that one needs is to be a NSSA pensioner and to provide a viable project proposal to the banks. We expect four more banks to join the scheme shortly,” he said.

Interest and uptake of the revolving facility is on the increase, with the NSSA National Pensioners Forum Trust organising poultry production workshops across the country. The Forum Trust comprises NSSA beneficiaries and has committees across the country.

Pensioners who bank with POSB and NBS also enjoy zero transactions charges. The two banks account for over 70% of NSSA beneficiaries.

Mutseyekwa said the other positive development was with the discounted groceries scheme that is offered in collaboration with OK stores and selected SPAR outlets.