ZCTU demands details of NSSA investments

ZCTU demands details of NSSA investments
Published: 05 October 2017
WORKER representatives have written to the National Social Security Authority (NSSA) demanding information on the entity's investments amid fears that pension funds could be at risk due to mismanagement, corruption and fraud.

In a letter dated September 11, 2017 the Zimbabwe Congress of Trade Unions (ZCTU) secretary general, Japhet Moyo, raised concerns over the manner in which NSSA handles its investments.

He said the ZCTU was concerned that information on the exposure of NSSA's investments and loans extended to various banks, performance of shares in different companies and the risks associated with these had not been adequately shared.

"We feel that it is within our rights to be adequately furnished with all the relevant information as stakeholders.

"Market intelligence provides us with signals to the effect that the investments are exposed and our constituency, which contributes on a monthly basis, is being agitated.

"We, therefore, request that your office provides us with the level of exposure for each and every running investment and loans extended to banks and financial institutions," he said.

Moyo noted that workers were worried that NSSA was slowly abandoning its role of providing adequate social security while concentrating on investments which lie outside the authority's mandate.

"In fact, NSSA has taken a bigger strategic slant towards infrastructural investment and is arguably playing the role of a development bank more than a social security institution.

"In the process, however, some of the investments have been nugatory resulting in reports of losses of millions of workers' and employers' money," he said.

Apart from the demand to furnish workers with information, the union is also demanding the social security authority to furnish the trade union with details of individuals and organisations who received loans from NSSA.
- fingaz
Tags: ZCTU, NSSA,

Comments

Latest News

Latest Published Reports

Latest jobs