The National Social Security Authority’s newly formed National Building Society couldn’t have come at a better time as it dovetails with Government’s plans to provide 313 000 housing units by 2018.
The housing scheme, soon to be unveiled by NSSA is meant to avail affordable mortgage loans to civil servants and the average worker. At an estimated cost of US$15 000 and with flexible payment conditions, the low income earners can now breathe a sigh of relief as this is an affordable alternative to the current mortgages.
On the other hand, heartless land barons have not made life easy for the home seekers, swindling them of their hand-earned cash.
The country faces a huge housing backlog of 1,25million units due to rising housing demand, especially in urban and resettled areas.
But as a proactive nation, we have been working tirelessly to put roofs over our heads. The National Housing Delivery Programme under the country’s economic plan — Zim-Asset — puts housing as one of Government’s top priorities.
There has been a lot of activity in the housing sector. Government, local authorities, private organisations, housing cooperatives and local banks have all been playing ball.
But 1,25 million is a huge number and more players need to come to the party. Which is why we welcome the NSSA initiative with open hands — in fact, their participation was long overdue.
As a statutory corporate institution that is sustained by deductions from employees’ salaries and whose mandate is to provide social security to workers upon retirement or in the event that they are injured at work, NSSA is expected to make prudent investments that attract substantial returns to help contributors at the appropriate time. Nothing says prudent more that real estate.
The new board that is chaired by Robin Vela has been at the helm of the Authority for about six months now. Since they took over the unenviable throne, the majority of Zimbabweans have been pre-occupied with celebrating the demise of their predecessors who were everything that a social security arm should not be. Therefore, the entry of Mr Vela and company alone was adequate to excite the public.
But no euphoria can last forever. There comes a time when one has to prove their worth. That time is now for Mr Vela and his team.
It is a good thing that they seem aware of this and have stepped up efforts to complement Government’s efforts.
The Authority’s investment policy must be biased towards development issues and job creation in line with Government targets under Zim-Asset.
Their investments must not be haphazard as has been the case over the years where they have poured millions of dollars down the drain in a spate of bad investments amid suspicions of patronage and corruption.
The Authority has a well-documented history of disastrous investment decisions that have cost contributors millions of dollars in various sectors spanning from deposits in non-performing banks, listed companies and non-profitable properties.
In the meantime, suffering pensioners have been getting meagre monthly payments of as little as US$40 per month. As Mr Vela readies himself to leave a meaningful mark, he needs to ponder if any social security is derived from a US$40 monthly pay-out for a pensioner who requires food, medication, accommodation, transport, you name it.
NSSA can consider national health insurance and maternity benefit schemes. That could go a long way in cushioning pensioners.
The new board has been saying all the right things and therefore they owe us some results. They should now get down to real business.
COMMENT: NSSA joins Zim-Asset party
The Sunday Mail
The National Social Security Authority’s newly formed National Building Society couldn’t have come at a better time as it dovetails with Government’s plans to provide 313 000 housing units by 2018.
The housing scheme, soon to be unveiled by NSSA is meant to avail affordable mortgage loans to civil servants and the average worker. At an estimated cost of US$15 000 and with flexible payment conditions, the low income earners can now breathe a sigh of relief as this is an affordable alternative to the current mortgages.
On the other hand, heartless land barons have not made life easy for the home seekers, swindling them of their hand-earned cash.
The country faces a huge housing backlog of 1,25million units due to rising housing demand, especially in urban and resettled areas.
But as a proactive nation, we have been working tirelessly to put roofs over our heads. The National Housing Delivery Programme under the country’s economic plan — Zim-Asset — puts housing as one of Government’s top priorities.
There has been a lot of activity in the housing sector. Government, local authorities, private organisations, housing cooperatives and local banks have all been playing ball.
But 1,25 million is a huge number and more players need to come to the party. Which is why we welcome the NSSA initiative with open hands — in fact, their participation was long overdue.
As a statutory corporate institution that is sustained by deductions from employees’ salaries and whose mandate is to provide social security to workers upon retirement or in the event that they are injured at work, NSSA is expected to make prudent investments that attract substantial returns to help contributors at the appropriate time. Nothing says prudent more that real estate.
The new board that is chaired by Robin Vela has been at the helm of the Authority for about six months now. Since they took over the unenviable throne, the majority of Zimbabweans have been pre-occupied with celebrating the demise of their predecessors who were everything that a social security arm should not be. Therefore, the entry of Mr Vela and company alone was adequate to excite the public.
But no euphoria can last forever. There comes a time when one has to prove their worth. That time is now for Mr Vela and his team.
It is a good thing that they seem aware of this and have stepped up efforts to complement Government’s efforts.
The Authority’s investment policy must be biased towards development issues and job creation in line with Government targets under Zim-Asset.
Their investments must not be haphazard as has been the case over the years where they have poured millions of dollars down the drain in a spate of bad investments amid suspicions of patronage and corruption.
The Authority has a well-documented history of disastrous investment decisions that have cost contributors millions of dollars in various sectors spanning from deposits in non-performing banks, listed companies and non-profitable properties.
In the meantime, suffering pensioners have been getting meagre monthly payments of as little as US$40 per month. As Mr Vela readies himself to leave a meaningful mark, he needs to ponder if any social security is derived from a US$40 monthly pay-out for a pensioner who requires food, medication, accommodation, transport, you name it.
NSSA can consider national health insurance and maternity benefit schemes. That could go a long way in cushioning pensioners.
The new board has been saying all the right things and therefore they owe us some results. They should now get down to real business.
CARTOON
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