Major pension boost for civil servants

13 Oct, 2024 - 00:10 0 Views
Major pension boost for civil servants VIMBAI NYEMBA

Tanyaradzwa Rusike

Public sector workers are set to get enhanced retirement benefits from the envisaged State Service Pension Fund, which will boost both financial and social security.

The proposed fund seeks to ensure that eligible retirees receive a steady monthly income after leaving public service.

Currently, civil servants only receive pension payouts from the National Social Security Authority (NSSA), which offers a monthly stipend of less than US$100.

The establishment of a State Service Pension Fund, which will be a Government-managed social security financial institution, is expected to provide additional financial relief to retirees.

President Mnangagwa set out Government’s plans to create the fund in his recent State of the Nation Address, where here directed Parliament to urgently pass the State Service Pensions Bill.

In an interview with The Sunday Mail, Permanent Secretary in the Ministry of Justice, Legal and Parliamentary Affairs Mrs Vimbai Nyemba said the proposed law will create a sustainable pension system for civil servants.

“The Bill provides for the establishment of the State Service Pension Fund, which will collect pension contributions from both public servants and the Government and manage those funds,” she said.

“The Bill also introduces a State guarantee to ensure that pension benefits will be paid, even if the fund’s assets become insufficient.”

The proposed legislation will establish a State Pension Board that will be responsible for managing the fund and making investment decisions.

“The Bill also addresses pension contributions, benefits and protections, as well as amendments to other relevant laws,” added Mrs Nyemba.

“In conclusion, the aim of the Bill is to establish a robust and sustainable pension system to improve the financial security of public servants and attract and retain talent in the public service.”

In essence, the fund will operate by pooling contributions from employees during their working years.

These funds will be strategically invested in assets like stocks, bonds and real estate to generate returns, which will be used to meet future pension obligations.

In addition to retirement benefits, the fund will offer disability pensions for employees who can no longer work due to illness or injury and survivor benefits for the families of deceased workers.

Meanwhile, in a further boost to public sector workers, the Government also plans to establish the Teaching Profession Council of Zimbabwe, which will be responsible for addressing teacher welfare concerns, among other critical issues.

The Teaching Profession Council Bill, which was also outlined in the President’s legislative agenda for the Second Session of the 10th Parliament, will formalise the establishment of the council.

The council will also regulate the practice and professional conduct of teachers.

“The Teaching Profession Council of Zimbabwe will have the mandate to provide for the regulation of teachers, their practice and professional conduct and to provide for matters incidental to or connected to the foregoing, and this will guarantee teachers an appropriate regulation of their practice,” Mrs Nyemba said.

“The establishment of the council will ensure that teachers are adequately qualified, competent and committed to their profession because the functions of the council will include, inter alia, registration of teachers, regulate the professional conduct of teachers, develop, maintain and improve appropriate standards so as to improve the quality of education in Zimbabwe.”

The council, she said, will also advise the Government on matters related to the teaching profession.

“The establishment of the Teaching Profession Council will signify an important move towards the acknowledgement of teaching as a full profession, thereby professionalising the teaching service and enhancing the public standing of teachers by setting standards of teacher welfare and working conditions, as well as spearheading the professional development of teachers.”

Teaching councils play a vital role in advancing the teaching profession, such as setting guidelines for continuous professional development, offering workshops and training opportunities.

They uphold professional standards by investigating complaints or misconduct within the profession.

They also have the authority to take disciplinary action.

Further, teaching councils actively shape education policy by advising Governments on teacher standards, training programmes and reforms, ensuring that policies are aligned with the evolving needs of educators and students alike.

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