The Zimbabwean government has appointed a new six-member board of directors for the National Social Security Authority (NSSA) after a four-month vacuum.
The National Social Security Authority is Zimbabwe’s social security company which was established in 1989 in terms of the NSSA Act of 1989, Chapter 17: 04, an act of parliament.
The firm administers social security public funds on behalf of about 1,3 million contributors.
But the social security authority (with assets worth $1,1 billion) has apparently been abusing workers’ retirement savings through bad investments.
NSSA pensioners are currently being paid a meagre $80 monthly.
And one of the authority’s worst investments in recent history is the construction of a $44 million hotel in Beitbridge.
The 136-roomed facility was closed in May 2016 after Rainbow Tourism Group, which was leasing the property due to low business.
In March last year, the government fired then-chairman Robin Vela, citing a clause that forbids the appointment of a non-resident Zimbabwean on the board of the pension scheme.
NSSA’s new board is chaired by Dr Cuthbert Chidoori.
Dr Chidoori holds a Doctorate in Electrical Engineering and Communications and once chaired the board of the Postal and Telecommunications Regulatory Authority of Zimbabwe.
Other board members include Dr Priscilla Mujuru, a health practitioner and a lecturer at the University of Zimbabwe, and public service management expert, Mfaro Moyo.
Cecila Alexander, who is the chairperson of the Apex Council, the umbrella body that represents interests of civil servants and lawyer, Arthur Manase as well as chartered accountant, Farai Tichawangana also make up the new board.
The previous board, led by Robin Vela and later on by Daphne Tomana, after Vela was fired, was dissolved in October.
Public Service, Labour and Social Welfare, Dr Sekai Nzenza said three more board members will be appointed after consultations.
“This is a new board with a diversity of skills and expertise bringing a refreshing approach to good corporate governance in order to ensure an effective, accountable and transparent delivery of benefits to pensioners,” said the Minister.