NSSA fires 15 man­agers

Chronicle (Zimbabwe) - - Front Page - Takunda Maodza

THE Na­tional So­cial Se­cu­rity Au­thor­ity (NSSA) has sent 15 mid­dle man­agers pack­ing as it stream­lines operations amid in­di­ca­tions hun­dreds of em­ploy­ees face re­trench­ment early next year.

NSSA is ex­pected to make an of­fi­cial an­nounce­ment to­day about the re­trench­ments.

Re­li­able sources told our Harare Bureau yes­ter­day the af­fected mid­dle man­agers cut across all departments.

“As we speak, NSSA has fired 15 man­agers. The man­agers are be­ing sum­moned and given dis­missal let­ters,” said a source.

Af­fected are the hu­man re­sources man­ager, fi­nance man­ager, ad­min­is­tra­tion man­ager, Harare re­gional man­ager, an en­gi­neer, econ­o­mist and two au­dit man­agers, said the source close to the de­vel­op­ments who asked not to be named.

Also sent home are the risk man­ager and the prop­erty man­ager.

“The au­thor­ity has in­di­cated a num­ber of work­ers would be re­trenched in first quar­ter of 2017. They are say­ing they are stream­lin­ing,” added the source. “Work­ers’ morale is rock bot­tom as we speak.”

The de­ci­sion to dis­miss the mid­dle man­agers fol­lows a board meet­ing held on Wed­nes­day.

NSSA board chair­per­son Mr Robin Vela yes­ter­day con­firmed the au­thor­ity was re­trench­ing a num­ber of man­agers.

He, how­ever, would not di­vulge de­tails say­ing an of­fi­cial state­ment would be re­leased to­day.

“It is true that we are stream­lin­ing. A num­ber of mid­dle man­agers have been af­fected. A full state­ment will be re­leased to­mor­row (to­day) with all the de­tails. Why don’t you wait for to­mor­row,” he said.

NSSA is a Govern­ment run pen­sion fund with over $1 bil­lion worth of as­sets un­der its man­age­ment.

It is cur­rently the big­gest in­sti­tu­tional in­vestor on the Zim­babwe Stock Exchange.

Sources also re­vealed an au­dit was un­der­way at NSSA amid in­di­ca­tions man­age­ment and the board have traded ac­cu­sa­tions over al­leged ac­qui­si­tion of prop­er­ties at in­flated prices.

The prop­er­ties have failed to gen­er­ate mean­ing­ful rev­enue for the au­thor­ity as was an­tic­i­pated when they were pur­chased.

NSSA fired top ex­ec­u­tives last year, in­clud­ing its gen­eral man­ager Mr James Ma­tiza and four direc­tors fol­low­ing a foren­sic au­dit at the pen­sions au­thor­ity.

The Ma­tiza-led man­age­ment re­port­edly made ques­tion­able in­vest­ments of $100 mil­lion, in­clud­ing buy­ing shares in poorly-run com­pa­nies and prop­er­ties at in­flated prices.

NSSA man­age­ment also came un­der fire for splurg­ing $2,5 mil­lion on the now de­funct CFX Bank, $12 mil­lion on over­priced starafrica­cor­po­ra­tion shares and $1,5 mil­lion on Africom Con­ti­nen­tal.

At least $45 mil­lion was locked up in In­terfin Bank at the time of the au­dit.

NSSA also lost $11,2 mil­lion worth of land to lo­cal au­thor­i­ties af­ter fail­ing to de­velop it.

The in­sti­tu­tion also dished out “non-prof­itable” loans to paras­tatals such as the Na­tional Oil Com­pany of Zim­babwe ($3,1 mil­lion), Zesa ($9 mil­lion) and Cottco ($8 mil­lion).

The changes then fol­lowed crit­i­cism of the au­thor­ity over its per­ceived fail­ure to in­vest pen­sion­ers’ money in ar­eas with sig­nif­i­cant or mean­ing­ful so­cio-eco­nomic value on the lives of ben­e­fi­cia­ries.

NSSA was con­sti­tuted and es­tab­lished in terms of the Na­tional So­cial Se­cu­rity Au­thor­ity Act of 1989 and so is a statu­tory cor­po­rate body tasked by the Govern­ment to pro­vide so­cial se­cu­rity.

The pro­vi­sion of so­cial se­cu­rity can be de­fined as pub­lic pol­icy mea­sures in­tended to pro­tect an in­di­vid­ual in life sit­u­a­tions or con­di­tions in which their liveli­hood and well be­ing may be threat­ened.

NSSA cur­rently ad­min­is­ters two schemes: Pen­sion and Other Ben­e­fits Scheme and the Ac­ci­dent Pre­ven­tion and Work­ers’ Com­pen­sa­tion Scheme. Plans are un­der­way to pro­vide a more com­pre­hen­sive so­cial se­cu­rity pack­age for the Zim­bab­wean so­ci­ety.

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