All about Pensions in Zimbabwe, How much is an Average Pension, Can People Survive on an Average Pension and more on Mywage Zimbabwe.
A survey carried out across sectors in Zimbabwe revealed that monthly pensions range from US$10 – US$100. Pension payments range from US$700 - US$800 for the 1/3 commutation paid as lump sum.
In February 2009, following the switch to multi-currencies, pension and life funds started converting policies to United States dollars. The prices arbitrarily reduced the balance on accounts to values less than US$100, regardless of how long each policy had run.
So low are the monthly payouts that banks are currently exempting pensioners earning US$25 per month from paying service charges.
Whilst employees and workers have been dutifully contributing part of their salaries into the various pension funds, inflation and the multi-currency exercise has had a devastating effect.
Pensions to low to survive
Monthly pension payouts are so low as to be worthless. They cannot cover living expenses when one considers that the monthly budget for a family of six is now calculated at US$502,53.
Many have a continuous struggle to make ends meet. What should have been a secure, peaceful and hard-earned end to their working life, with sufficient funds to guarantee financial freedom, has instead become a situation of either constant worry about where the next meal is going to come from, or of humiliation and loss of dignity in relying upon family for support.
With the sharp rise in the cost of food it is a daily struggle to survive, and many have to rely on charity.
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