All about Pensions, Retirement, Salaries, Ill-Health, Pension Funds and more on Mywage Zimbabwe.
An association of persons, invariably employers and employees are free to establish a pension fund. The purpose is to pay benefits to persons or their dependants on retirement, be it on account of age, ill-health, retrenchment or cessation of employment. Such a benefit is called a pension. Pensions are paid out to:
- A retiring member
For his or her lifetime.
- A surviving spouse
In case of the death of a pensioner, an appropriate pension will be paid to the surviving spouse and children. A surviving spouse shall be paid for a life-time. However, the rules of the fund may provide for cessation of benefits on remarriage.
- Children
Children are paid up to the age of 18 years or up to maximum period specified in the rules where the student is attending full-time education.
- A Disabled member
A member may be allowed to retire and receive a pension before retirement age if medical evidence shows that he or she is permanently incapable of performing their normal duties and, after taking into account their education, training and experience, cannot be reassigned duties.
- A Retrenchee
Where a member is retrenched or becomes redundant or their employer’s business ceases, such a member shall be entitled to a proportionate share of the pension fund.
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