The insurance and pensions bills are expected toe out by June as the government moves to implement recommendations of the Justice Smith Commission of Inquiry into the Conversion of Insurance and Pensions values from Zimbabwe dollar to United States (US) dollar.
The inquiry revealed that loss of value in insurance and pension benefits was mainly caused by macro-economic regulatory and institutional factors. The commission recommended reformation of Zimbabwe's legislation around the insurance and pensions sectors as part of initiatives to guard against loss of value and fair compensation after noting serious loss of value.
Regulatory failure on the part of Government and the regulator for insurance and pensions were identified as having caused loss of value. Government was accused of failing to guide the industry during the hyperinflation and currency debasing and during conversion of insurance and pension values when the economy was dollarized from 2009.
The Insurance and Pensions Commission (IPEC) is said to have failed to conduct on-site supervision and investigate its licensees, allowing arbitrary insurance product terminations by insurance companies, poor investment management practices, poor record keeping and failing to deal with predatory administration expenses among other issues, short-changed members.
Amendment of legislation on insurance and pensions, namely Amendment of the Insurance Bill, the Pensions and Provident Funds Bill, and the Insurance and Pensions Commission Bill is expected to cover the identified regulatory gaps, and especially strengthening of IPEC. The Pensions and Provident Fund Bill, in particular, would be expected to foster better corporate governance practices within the industry while adequately providing the legal basis for a troubled entities' resolution framework as well as increasing the commission's enforcement powers.
Finance and Economic Development Minister Mthuli Ncube, has said the bills in this respect should appear before Parliament during the first half of this year.
“The Ministry is seized with legal reforms targeted at the legislation governing insurance and pensions. I understand the Bills took long at drafting stage. However, I wish to give you assurance that all the three Bills will be introduced in Parliament during the first half of this year,” he said.
“The macroeconomic reforms that we are implementing, particularly currency stabilisation, ease of doing business reforms and re-engagement efforts are meant to ensure stability, predictability and growth of the economy. I believe predictability of macroeconomic fundamentals is critical for informing pricing assumptions of insurance products and in guiding objective determination of the present value of future liabilities.”
The Commission was appointed by former President Mugabe and the report of the Commission of Inquiry was gazetted on 5th March 2018 through General Notice Number 149 of 2018. The inquiry was conducted over an 18 month period from September 2015 to March 2017 and covered a 20 year period from 1996 to 2014.
A nine member Commission. Its terms of reference of the Commission mandated the Commission to investigate the following issues among others:
To establish the total value, nature and type of assets owned by insurance companies and pension funds;
To determine the causes of loss of value of insurance and pension benefits;
To assess the conversion methods and processes of insurance and pension assets and liabilities to Unites States dollars;
To establish the extend of prejudice if any to policy holders and pensioners;
To recommend compensation where prejudice has been established and;
To examine instances of regulatory failures and finally;
To assess the soundness of the industry and the role of the insurance and pension sector in the economy.
Commutations of the full pension upon dollarisation, saw a number of occupational pension schemes and NSSA paying once off pension benefit to pensioners upon dollarization, arguing that the amounts were too small to warrant monthly payments. Pensioners were paid commutations as small as a few hundred dollars or one or two thousand in rare cases although lifetime pensions were expected.
A number of pension funds got away with unremitted pension contribution arrears, employers deducted monthly pension contributions from workers' salaries for all their years of service. That included the Mining Industry Pension Fund, the Local Authorities Pension Fund, the National Railways of Zimbabwe Pension Fund, the Unified Council Pension Fund, the ZUPCO Pension Fund, the Cold Storage Company Pension Fund and the Fidelity Printers Pension Fund and some other insurance companies. Consequently, upon retirement, pensioners could not receive their pension benefits from the pension funds.
As at December 2015, cumulative contribution arrears for the post-dollarization period amounted to about US$328, 5 million. Pensioners across all sectors who retired between 2007 and February 2009 lost their pension lump-sums largely due to the adverse impact of hyperinflation which whipped off their balances in banks. Upon demonetization of the Zimbabwe dollar, pensioners only received as little as US$5 as their one third lump-sum benefit.
Lack of transparency on the conversion methods, processes and formulae used by insurance companies and pension funds on the dollarization of the economy in 2009 was cited as one of the causes of loss of value. Most complainants indicated that their pensions were reduced from several hundreds or thousands of dollars to a few United States dollar cents. Some pensioners got as little as US$0,8c in pension cheque sent to them by a life insurance company in 2014 as settlement of a life policy and no explanation was offered on how such a figure was arrived at.
The insurance and pensions bills are expected toe out by June as the government moves to implement recommendations of the Justice Smith Commission of Inquiry into the Conversion of Insurance and Pensions values from Zimbabwe dollar to United States (US) dollar.
The inquiry revealed that loss of value in insurance and pension benefits was mainly caused by macro-economic regulatory and institutional factors. The commission recommended reformation of Zimbabwe's legislation around the insurance and pensions sectors as part of initiatives to guard against loss of value and fair compensation after noting serious loss of value.
Regulatory failure on the part of Government and the regulator for insurance and pensions were identified as having caused loss of value. Government was accused of failing to guide the industry during the hyperinflation and currency debasing and during conversion of insurance and pension values when the economy was dollarized from 2009.
The Insurance and Pensions Commission (IPEC) is said to have failed to conduct on-site supervision and investigate its licensees, allowing arbitrary insurance product terminations by insurance companies, poor investment management practices, poor record keeping and failing to deal with predatory administration expenses among other issues, short-changed members.
Amendment of legislation on insurance and pensions, namely Amendment of the Insurance Bill, the Pensions and Provident Funds Bill, and the Insurance and Pensions Commission Bill is expected to cover the identified regulatory gaps, and especially strengthening of IPEC. The Pensions and Provident Fund Bill, in particular, would be expected to foster better corporate governance practices within the industry while adequately providing the legal basis for a troubled entities' resolution framework as well as increasing the commission's enforcement powers.
Finance and Economic Development Minister Mthuli Ncube, has said the bills in this respect should appear before Parliament during the first half of this year.
“The Ministry is seized with legal reforms targeted at the legislation governing insurance and pensions. I understand the Bills took long at drafting stage. However, I wish to give you assurance that all the three Bills will be introduced in Parliament during the first half of this year,” he said.
“The macroeconomic reforms that we are implementing, particularly currency stabilisation, ease of doing business reforms and re-engagement efforts are meant to ensure stability, predictability and growth of the economy. I believe predictability of macroeconomic fundamentals is critical for informing pricing assumptions of insurance products and in guiding objective determination of the present value of future liabilities.”
The Commission was appointed by former President Mugabe and the report of the Commission of Inquiry was gazetted on 5th March 2018 through General Notice Number 149 of 2018. The inquiry was conducted over an 18 month period from September 2015 to March 2017 and covered a 20 year period from 1996 to 2014.
A nine member Commission. Its terms of reference of the Commission mandated the Commission to investigate the following issues among others:
To establish the total value, nature and type of assets owned by insurance companies and pension funds;
To determine the causes of loss of value of insurance and pension benefits;
To assess the conversion methods and processes of insurance and pension assets and liabilities to Unites States dollars;
To establish the extend of prejudice if any to policy holders and pensioners;
To recommend compensation where prejudice has been established and;
To examine instances of regulatory failures and finally;
To assess the soundness of the industry and the role of the insurance and pension sector in the economy.
Commutations of the full pension upon dollarisation, saw a number of occupational pension schemes and NSSA paying once off pension benefit to pensioners upon dollarization, arguing that the amounts were too small to warrant monthly payments. Pensioners were paid commutations as small as a few hundred dollars or one or two thousand in rare cases although lifetime pensions were expected.
A number of pension funds got away with unremitted pension contribution arrears, employers deducted monthly pension contributions from workers' salaries for all their years of service. That included the Mining Industry Pension Fund, the Local Authorities Pension Fund, the National Railways of Zimbabwe Pension Fund, the Unified Council Pension Fund, the ZUPCO Pension Fund, the Cold Storage Company Pension Fund and the Fidelity Printers Pension Fund and some other insurance companies. Consequently, upon retirement, pensioners could not receive their pension benefits from the pension funds.
As at December 2015, cumulative contribution arrears for the post-dollarization period amounted to about US$328, 5 million. Pensioners across all sectors who retired between 2007 and February 2009 lost their pension lump-sums largely due to the adverse impact of hyperinflation which whipped off their balances in banks. Upon demonetization of the Zimbabwe dollar, pensioners only received as little as US$5 as their one third lump-sum benefit.
Lack of transparency on the conversion methods, processes and formulae used by insurance companies and pension funds on the dollarization of the economy in 2009 was cited as one of the causes of loss of value. Most complainants indicated that their pensions were reduced from several hundreds or thousands of dollars to a few United States dollar cents. Some pensioners got as little as US$0,8c in pension cheque sent to them by a life insurance company in 2014 as settlement of a life policy and no explanation was offered on how such a figure was arrived at.
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And Other More
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The insurance and pensions bills are expected toe out by June as the government moves to implement recommendations of the Justice Smith Commission of Inquiry into the Conversion of Insurance and Pensions values from Zimbabwe dollar to United States (US) dollar.
The inquiry revealed that loss of value in insurance and pension benefits was mainly caused by macro-economic regulatory and institutional factors. The commission recommended reformation of Zimbabwe's legislation around the insurance and pensions sectors as part of initiatives to guard against loss of value and fair compensation after noting serious loss of value.
Regulatory failure on the part of Government and the regulator for insurance and pensions were identified as having caused loss of value. Government was accused of failing to guide the industry during the hyperinflation and currency debasing and during conversion of insurance and pension values when the economy was dollarized from 2009.
The Insurance and Pensions Commission (IPEC) is said to have failed to conduct on-site supervision and investigate its licensees, allowing arbitrary insurance product terminations by insurance companies, poor investment management practices, poor record keeping and failing to deal with predatory administration expenses among other issues, short-changed members.
Amendment of legislation on insurance and pensions, namely Amendment of the Insurance Bill, the Pensions and Provident Funds Bill, and the Insurance and Pensions Commission Bill is expected to cover the identified regulatory gaps, and especially strengthening of IPEC. The Pensions and Provident Fund Bill, in particular, would be expected to foster better corporate governance practices within the industry while adequately providing the legal basis for a troubled entities' resolution framework as well as increasing the commission's enforcement powers.
Finance and Economic Development Minister Mthuli Ncube, has said the bills in this respect should appear before Parliament during the first half of this year.
“The Ministry is seized with legal reforms targeted at the legislation governing insurance and pensions. I understand the Bills took long at drafting stage. However, I wish to give you assurance that all the three Bills will be introduced in Parliament during the first half of this year,” he said.
“The macroeconomic reforms that we are implementing, particularly currency stabilisation, ease of doing business reforms and re-engagement efforts are meant to ensure stability, predictability and growth of the economy. I believe predictability of macroeconomic fundamentals is critical for informing pricing assumptions of insurance products and in guiding objective determination of the present value of future liabilities.”
The Commission was appointed by former President Mugabe and the report of the Commission of Inquiry was gazetted on 5th March 2018 through General Notice Number 149 of 2018. The inquiry was conducted over an 18 month period from September 2015 to March 2017 and covered a 20 year period from 1996 to 2014.
A nine member Commission. Its terms of reference of the Commission mandated the Commission to investigate the following issues among others:
To establish the total value, nature and type of assets owned by insurance companies and pension funds;
To determine the causes of loss of value of insurance and pension benefits;
To assess the conversion methods and processes of insurance and pension assets and liabilities to Unites States dollars;
To establish the extend of prejudice if any to policy holders and pensioners;
To recommend compensation where prejudice has been established and;
To examine instances of regulatory failures and finally;
To assess the soundness of the industry and the role of the insurance and pension sector in the economy.
Commutations of the full pension upon dollarisation, saw a number of occupational pension schemes and NSSA paying once off pension benefit to pensioners upon dollarization, arguing that the amounts were too small to warrant monthly payments. Pensioners were paid commutations as small as a few hundred dollars or one or two thousand in rare cases although lifetime pensions were expected.
A number of pension funds got away with unremitted pension contribution arrears, employers deducted monthly pension contributions from workers' salaries for all their years of service. That included the Mining Industry Pension Fund, the Local Authorities Pension Fund, the National Railways of Zimbabwe Pension Fund, the Unified Council Pension Fund, the ZUPCO Pension Fund, the Cold Storage Company Pension Fund and the Fidelity Printers Pension Fund and some other insurance companies. Consequently, upon retirement, pensioners could not receive their pension benefits from the pension funds.
As at December 2015, cumulative contribution arrears for the post-dollarization period amounted to about US$328, 5 million. Pensioners across all sectors who retired between 2007 and February 2009 lost their pension lump-sums largely due to the adverse impact of hyperinflation which whipped off their balances in banks. Upon demonetization of the Zimbabwe dollar, pensioners only received as little as US$5 as their one third lump-sum benefit.
Lack of transparency on the conversion methods, processes and formulae used by insurance companies and pension funds on the dollarization of the economy in 2009 was cited as one of the causes of loss of value. Most complainants indicated that their pensions were reduced from several hundreds or thousands of dollars to a few United States dollar cents. Some pensioners got as little as US$0,8c in pension cheque sent to them by a life insurance company in 2014 as settlement of a life policy and no explanation was offered on how such a figure was arrived at.
VDO PTHC & PTSC ART VDO PTSC Picture PTHC & PTSC
And Other More
Content from TOR websites Magic Kingdom, TLZ,
Childs Play, Baby Heart, Giftbox, Hoarders Hell,
h**p://tiny.cc/sficzx
h**p://j1d.ca/_J
OPVA, Pedo Playground, GirlsHUB, Lolita City
More 3000 videos and 20000 photos girls and boys
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The new and exclusive material and complete series
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THEME: Workers Demand an Inclusive Zimbabwe Free from Poverty, Corruption and Oppression, ARISE WORKERS ARISE!!!
Salutations.
WORKERS of Zimbabwe, Comrades, Friends and distinguished guests, today we are gathered to commemorate Workers Day, joining millions of workers around the world to mark a day that defines the working class struggles and achievements albeit in an unforgiving environment. It is sad that we mark this day when it is all doom and gloom for workers and ordinary citizens. The situation of the common man remains pathetic despite years of promises that all would be well from the government. While we were still smarting from the effects of Covid-19 the country has been plagued by a severe El-Nino induced drought. It is common knowledge that we are an economy based on agriculture and a drought not only affects the economy but the common man in the village who is set to go hungry. Our fear is that our government and employers are not prepared to cushion the drought through adequate social security guarantees. Instead they take advantage of such calamities to further worsen the plight of the disadvantaged. It remains to be our fear that the government initiative of giving aid is going to be politicised and we urge the government to put measures to curb these practices, while employers would hide behind the drought to stall collective bargaining.
Faced with such a situation, it demands that workers claim their space and rights. We are faced with adversaries that would want to suck life out of the ordinary for political expediency and profits. This year’s theme; "Workers Demand an Inclusive Zimbabwe Free from Poverty, Corruption and Oppression” ARISE WORKERS ARISE!!! is similar to our previous theme but we are now calling upon workers to stand up and confront the beasts. It is a war cry for battle. The battle for accountability in terms of our national
resources, better remuneration and improved social security among others. Workers of Zimbabwe, we are now in a war situation and non but ourselves are our own
liberators.
We have not seen improvements in respect of labour rights, combating of corruption, respect for the rule of law and the will of the people and restraint of plunder of natural resources. Non resolution to these matters is keeping the majority of citizens in bondage. The socio-economic divide between the haves and have not is widening by the day. This calls for serious introspection by the working class towards their common goal. We cannot have a situation where poverty is the common denominator for the majority while a chosen clique plunders the country.
The plight of the workers over the years has not improved despite pronouncement that it has improved. Tangible progress remains a pipe dream despite several blueprints and monetary policies being implemented. Over the years, some of the policies have left workers in tears. We vividly remember how we lost investments, savings and incomes in 2008’s runaway inflation period and 2016 when the country introduced Bond Notes. People have lost their investments without recourse time and again over the years as the government introduced new monetary policies without adequate consultations. This results in non-acceptance of such policies by other stakeholders leading to their failure no matter how good they may be. Issues of trust and faith must not be down played. We moved from Bearer Cheques, Agro Cheques, RTGS and Bond notes without an improvement. We now have the ZIG
and we still wait to see its effectiveness.
Zimbabwe has a social dialogue platform, the TNF, whose aim is to foster consultation, cooperation, and negotiation on critical social and economic issues among the Government, business and labour. This platform is a vehicle for collective engagement and consensus-building on significant policy decisions but it is clearly being undermined. We are seriously considering if it is worthwhile continuing attending this platform. We now doubt the sincerity of the government towards addressing the needs and concerns of the common workers who has suffered the consequences of these policies.
The worker and citizen welfare today is very precarious to say the least. Workers’ rights continue to be eroded. The environment is punitive for workers, characterised by low wages and poor protection levels. While there has been some positive gains in the new Labour Act No.11, we feel there are some grey areas that need to be looked into and we are still hopeful of the process of reform that is going on at the moment. Today the right to strike is criminalised in Section 109, 111 and 112 and freedom of association is not express in some companies. Lawfare against trade unions and unionists is being perfected to bar them from accessing some workplaces particularly some international investors. We have also noted disturbing workplace relations in locally owned companies in the private security and agriculture industries. Civil servants and parastatal employees who had good wages
in the past have not been spared by the obtaining wage erosion.
The worker’s dream for a good life is fast becoming a fairy tale. Employment and social conditions are deteriorating at an alarming pace. High unemployment has caused employers to wilfully disregard the tenets of social justice at the workplace. Some companies intimidate workers to join unions that are formed by management which is certainly against the Labour law and the Constitution that guarantees freedom of association.
While the informal economy is still suffocated by colonial laws, the pace of formalisation of the sector is still low. The national formalisation strategy is there, but there is need to move faster in this area in its implementation. We have noted the worst violations from some of these Chinese employers and would want to make it clear that enough is enough. Their level of disregard for occupational safety and health is alarming. Most workers in their establishments are denied protective clothing and are forced to work for long hours. This cannot go unchallenged. These investors are not only ignoring labour laws, but they are causing extensive land degradation with their mining activities. They tamper with ancestral graves and at the same time do not respect out traditional leaders. This is unAfrican. It is the duty of the government must protect its citizens as per the dictates of the law.
The mantra nyika inovakwa nevene vayo is indeed resonating to the inclusive Zimbabwe that we all want. But how does that happen with the level of inequalities that are currently obtaining where the citizenry is looking at the so-called Mbingas for crumbs? How do you explain a situation where an individual have access to millions of dollars they do not know how to use it except dishing out when workers cannot afford one descent meal or send children to government school? We have seen the elderly in the streets selling anything to feed themselves and their great- great children when some people do not know what to do with the money. The pro-poor mantra is forgotten. The dignity of the working people is the beginning of human capital development. Investing in technology without adequate human capital development will come to nought.
We have not witnessed significant changes on service delivery and infrastructure although we are being taxed to the marrow. Workers and corporates do not see the value of the taxes they are contributing to the fiscus. Our social services and amenities are not improving. Most of our infrastructure is in bad shape. Most roads are just potholes, public hospitals do not have adequate machinery and medicines while access to clean water and electricity is erratic. The cost of basic goods and services is beyond the reach of many. An average family of six now requires a minimum USD570-00 to meet monthly needs.
As usual as workers we have our demands which we feel, if met, would alleviate the plight of workers. The demands are as follows;-
We demand above poverty datum line related incomes and better
working conditions.
We demand full compliance of the labour law by investors.
We demand full and urgent implementation of the Recommendations of
the Justice Smith Commission on lost pension benefits.
We demand enjoyment of social economic rights.
Ratification of C190 that recognize the right of everyone to a world of
work free from violence and harassment, including gender-based
violence and harassment.and C155 that ensure ratifying states
formulate, implement and periodically review a coherent national policy
on occupational safety and health in the work environment
Affordable basic services and commodities.
Respect of the rule of law.
Resuscitation of the economy.
Alignment of labour laws to the Constitution.
Functional health delivery system offering free screening and treatment
of cancers.
Stop Wage theft.
No to politicization of state donated food aid.
Stop Sexual and Gender Based Violence.
To conclude, our message to government and employers is that it is no longer business as usual. Honourable Minister, your government promised to listen to the voice of the people. May I remind you, take the message to cabinet that the workers are the people and they have spoken. We workers need better salaries, better working conditions and to be treated like 1 st class citizens. To our employers, decent work is not an option. Comrades, our journey from today is guided by our theme and the above mentioned demands as we fight for our rights. As a united front, let us take our fights to all available spaces and hold government and employers accountable to our welfare.
I THANK YOU
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The insurance and pensions bills are expected toe out by June as the government moves to implement recommendations of the Justice Smith Commission of Inquiry into the Conversion of Insurance and Pensions values from Zimbabwe dollar to United States (US) dollar.
The inquiry revealed that loss of value in insurance and pension benefits was mainly caused by macro-economic regulatory and institutional factors. The commission recommended reformation of Zimbabwe's legislation around the insurance and pensions sectors as part of initiatives to guard against loss of value and fair compensation after noting serious loss of value.
Regulatory failure on the part of Government and the regulator for insurance and pensions were identified as having caused loss of value. Government was accused of failing to guide the industry during the hyperinflation and currency debasing and during conversion of insurance and pension values when the economy was dollarized from 2009.
The Insurance and Pensions Commission (IPEC) is said to have failed to conduct on-site supervision and investigate its licensees, allowing arbitrary insurance product terminations by insurance companies, poor investment management practices, poor record keeping and failing to deal with predatory administration expenses among other issues, short-changed members.
Amendment of legislation on insurance and pensions, namely Amendment of the Insurance Bill, the Pensions and Provident Funds Bill, and the Insurance and Pensions Commission Bill is expected to cover the identified regulatory gaps, and especially strengthening of IPEC. The Pensions and Provident Fund Bill, in particular, would be expected to foster better corporate governance practices within the industry while adequately providing the legal basis for a troubled entities' resolution framework as well as increasing the commission's enforcement powers.
Finance and Economic Development Minister Mthuli Ncube, has said the bills in this respect should appear before Parliament during the first half of this year.
“The Ministry is seized with legal reforms targeted at the legislation governing insurance and pensions. I understand the Bills took long at drafting stage. However, I wish to give you assurance that all the three Bills will be introduced in Parliament during the first half of this year,” he said.
“The macroeconomic reforms that we are implementing, particularly currency stabilisation, ease of doing business reforms and re-engagement efforts are meant to ensure stability, predictability and growth of the economy. I believe predictability of macroeconomic fundamentals is critical for informing pricing assumptions of insurance products and in guiding objective determination of the present value of future liabilities.”
The Commission was appointed by former President Mugabe and the report of the Commission of Inquiry was gazetted on 5th March 2018 through General Notice Number 149 of 2018. The inquiry was conducted over an 18 month period from September 2015 to March 2017 and covered a 20 year period from 1996 to 2014.
A nine member Commission. Its terms of reference of the Commission mandated the Commission to investigate the following issues among others:
Commutations of the full pension upon dollarisation, saw a number of occupational pension schemes and NSSA paying once off pension benefit to pensioners upon dollarization, arguing that the amounts were too small to warrant monthly payments. Pensioners were paid commutations as small as a few hundred dollars or one or two thousand in rare cases although lifetime pensions were expected.
A number of pension funds got away with unremitted pension contribution arrears, employers deducted monthly pension contributions from workers' salaries for all their years of service. That included the Mining Industry Pension Fund, the Local Authorities Pension Fund, the National Railways of Zimbabwe Pension Fund, the Unified Council Pension Fund, the ZUPCO Pension Fund, the Cold Storage Company Pension Fund and the Fidelity Printers Pension Fund and some other insurance companies. Consequently, upon retirement, pensioners could not receive their pension benefits from the pension funds.
As at December 2015, cumulative contribution arrears for the post-dollarization period amounted to about US$328, 5 million. Pensioners across all sectors who retired between 2007 and February 2009 lost their pension lump-sums largely due to the adverse impact of hyperinflation which whipped off their balances in banks. Upon demonetization of the Zimbabwe dollar, pensioners only received as little as US$5 as their one third lump-sum benefit.
Lack of transparency on the conversion methods, processes and formulae used by insurance companies and pension funds on the dollarization of the economy in 2009 was cited as one of the causes of loss of value. Most complainants indicated that their pensions were reduced from several hundreds or thousands of dollars to a few United States dollar cents. Some pensioners got as little as US$0,8c in pension cheque sent to them by a life insurance company in 2014 as settlement of a life policy and no explanation was offered on how such a figure was arrived at.
Zele trevo rap saer f002 theworker.co.zw
The insurance and pensions bills are expected toe out by June as the government moves to implement recommendations of the Justice Smith Commission of Inquiry into the Conversion of Insurance and Pensions values from Zimbabwe dollar to United States (US) dollar.
The inquiry revealed that loss of value in insurance and pension benefits was mainly caused by macro-economic regulatory and institutional factors. The commission recommended reformation of Zimbabwe's legislation around the insurance and pensions sectors as part of initiatives to guard against loss of value and fair compensation after noting serious loss of value.
Regulatory failure on the part of Government and the regulator for insurance and pensions were identified as having caused loss of value. Government was accused of failing to guide the industry during the hyperinflation and currency debasing and during conversion of insurance and pension values when the economy was dollarized from 2009.
The Insurance and Pensions Commission (IPEC) is said to have failed to conduct on-site supervision and investigate its licensees, allowing arbitrary insurance product terminations by insurance companies, poor investment management practices, poor record keeping and failing to deal with predatory administration expenses among other issues, short-changed members.
Amendment of legislation on insurance and pensions, namely Amendment of the Insurance Bill, the Pensions and Provident Funds Bill, and the Insurance and Pensions Commission Bill is expected to cover the identified regulatory gaps, and especially strengthening of IPEC. The Pensions and Provident Fund Bill, in particular, would be expected to foster better corporate governance practices within the industry while adequately providing the legal basis for a troubled entities' resolution framework as well as increasing the commission's enforcement powers.
Finance and Economic Development Minister Mthuli Ncube, has said the bills in this respect should appear before Parliament during the first half of this year.
“The Ministry is seized with legal reforms targeted at the legislation governing insurance and pensions. I understand the Bills took long at drafting stage. However, I wish to give you assurance that all the three Bills will be introduced in Parliament during the first half of this year,” he said.
“The macroeconomic reforms that we are implementing, particularly currency stabilisation, ease of doing business reforms and re-engagement efforts are meant to ensure stability, predictability and growth of the economy. I believe predictability of macroeconomic fundamentals is critical for informing pricing assumptions of insurance products and in guiding objective determination of the present value of future liabilities.”
The Commission was appointed by former President Mugabe and the report of the Commission of Inquiry was gazetted on 5th March 2018 through General Notice Number 149 of 2018. The inquiry was conducted over an 18 month period from September 2015 to March 2017 and covered a 20 year period from 1996 to 2014.
A nine member Commission. Its terms of reference of the Commission mandated the Commission to investigate the following issues among others:
Commutations of the full pension upon dollarisation, saw a number of occupational pension schemes and NSSA paying once off pension benefit to pensioners upon dollarization, arguing that the amounts were too small to warrant monthly payments. Pensioners were paid commutations as small as a few hundred dollars or one or two thousand in rare cases although lifetime pensions were expected.
A number of pension funds got away with unremitted pension contribution arrears, employers deducted monthly pension contributions from workers' salaries for all their years of service. That included the Mining Industry Pension Fund, the Local Authorities Pension Fund, the National Railways of Zimbabwe Pension Fund, the Unified Council Pension Fund, the ZUPCO Pension Fund, the Cold Storage Company Pension Fund and the Fidelity Printers Pension Fund and some other insurance companies. Consequently, upon retirement, pensioners could not receive their pension benefits from the pension funds.
As at December 2015, cumulative contribution arrears for the post-dollarization period amounted to about US$328, 5 million. Pensioners across all sectors who retired between 2007 and February 2009 lost their pension lump-sums largely due to the adverse impact of hyperinflation which whipped off their balances in banks. Upon demonetization of the Zimbabwe dollar, pensioners only received as little as US$5 as their one third lump-sum benefit.
Lack of transparency on the conversion methods, processes and formulae used by insurance companies and pension funds on the dollarization of the economy in 2009 was cited as one of the causes of loss of value. Most complainants indicated that their pensions were reduced from several hundreds or thousands of dollars to a few United States dollar cents. Some pensioners got as little as US$0,8c in pension cheque sent to them by a life insurance company in 2014 as settlement of a life policy and no explanation was offered on how such a figure was arrived at.
VDO PTHC & PTSC ART VDO PTSC Picture PTHC & PTSC
And Other More
Content from TOR websites Magic Kingdom, TLZ,
Childs Play, Baby Heart, Giftbox, Hoarders Hell,
h**p://tiny.cc/sficzx
h**p://j1d.ca/_J
OPVA, Pedo Playground, GirlsHUB, Lolita City
More 3000 videos and 20000 photos girls and boys
h**p://put2.me/muhcsh
h**p://citly.me/47kMX
The new and exclusive material and complete series
Full Siberian Mouse, Bibigon, Syrup, Buratino packs
h**p://4ty.me/ibhi7c
h**p://tt.vg/URoSx
000A000392
The insurance and pensions bills are expected toe out by June as the government moves to implement recommendations of the Justice Smith Commission of Inquiry into the Conversion of Insurance and Pensions values from Zimbabwe dollar to United States (US) dollar.
The inquiry revealed that loss of value in insurance and pension benefits was mainly caused by macro-economic regulatory and institutional factors. The commission recommended reformation of Zimbabwe's legislation around the insurance and pensions sectors as part of initiatives to guard against loss of value and fair compensation after noting serious loss of value.
Regulatory failure on the part of Government and the regulator for insurance and pensions were identified as having caused loss of value. Government was accused of failing to guide the industry during the hyperinflation and currency debasing and during conversion of insurance and pension values when the economy was dollarized from 2009.
The Insurance and Pensions Commission (IPEC) is said to have failed to conduct on-site supervision and investigate its licensees, allowing arbitrary insurance product terminations by insurance companies, poor investment management practices, poor record keeping and failing to deal with predatory administration expenses among other issues, short-changed members.
Amendment of legislation on insurance and pensions, namely Amendment of the Insurance Bill, the Pensions and Provident Funds Bill, and the Insurance and Pensions Commission Bill is expected to cover the identified regulatory gaps, and especially strengthening of IPEC. The Pensions and Provident Fund Bill, in particular, would be expected to foster better corporate governance practices within the industry while adequately providing the legal basis for a troubled entities' resolution framework as well as increasing the commission's enforcement powers.
Finance and Economic Development Minister Mthuli Ncube, has said the bills in this respect should appear before Parliament during the first half of this year.
“The Ministry is seized with legal reforms targeted at the legislation governing insurance and pensions. I understand the Bills took long at drafting stage. However, I wish to give you assurance that all the three Bills will be introduced in Parliament during the first half of this year,” he said.
“The macroeconomic reforms that we are implementing, particularly currency stabilisation, ease of doing business reforms and re-engagement efforts are meant to ensure stability, predictability and growth of the economy. I believe predictability of macroeconomic fundamentals is critical for informing pricing assumptions of insurance products and in guiding objective determination of the present value of future liabilities.”
The Commission was appointed by former President Mugabe and the report of the Commission of Inquiry was gazetted on 5th March 2018 through General Notice Number 149 of 2018. The inquiry was conducted over an 18 month period from September 2015 to March 2017 and covered a 20 year period from 1996 to 2014.
A nine member Commission. Its terms of reference of the Commission mandated the Commission to investigate the following issues among others:
Commutations of the full pension upon dollarisation, saw a number of occupational pension schemes and NSSA paying once off pension benefit to pensioners upon dollarization, arguing that the amounts were too small to warrant monthly payments. Pensioners were paid commutations as small as a few hundred dollars or one or two thousand in rare cases although lifetime pensions were expected.
A number of pension funds got away with unremitted pension contribution arrears, employers deducted monthly pension contributions from workers' salaries for all their years of service. That included the Mining Industry Pension Fund, the Local Authorities Pension Fund, the National Railways of Zimbabwe Pension Fund, the Unified Council Pension Fund, the ZUPCO Pension Fund, the Cold Storage Company Pension Fund and the Fidelity Printers Pension Fund and some other insurance companies. Consequently, upon retirement, pensioners could not receive their pension benefits from the pension funds.
As at December 2015, cumulative contribution arrears for the post-dollarization period amounted to about US$328, 5 million. Pensioners across all sectors who retired between 2007 and February 2009 lost their pension lump-sums largely due to the adverse impact of hyperinflation which whipped off their balances in banks. Upon demonetization of the Zimbabwe dollar, pensioners only received as little as US$5 as their one third lump-sum benefit.
Lack of transparency on the conversion methods, processes and formulae used by insurance companies and pension funds on the dollarization of the economy in 2009 was cited as one of the causes of loss of value. Most complainants indicated that their pensions were reduced from several hundreds or thousands of dollars to a few United States dollar cents. Some pensioners got as little as US$0,8c in pension cheque sent to them by a life insurance company in 2014 as settlement of a life policy and no explanation was offered on how such a figure was arrived at.
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000A000392
THEME: Workers Demand an Inclusive Zimbabwe Free from Poverty, Corruption and Oppression, ARISE WORKERS ARISE!!!
Salutations.
WORKERS of Zimbabwe, Comrades, Friends and distinguished guests, today we are gathered to commemorate Workers Day, joining millions of workers around the world to mark a day that defines the working class struggles and achievements albeit in an unforgiving environment. It is sad that we mark this day when it is all doom and gloom for workers and ordinary citizens. The situation of the common man remains pathetic despite years of promises that all would be well from the government. While we were still smarting from the effects of Covid-19 the country has been plagued by a severe El-Nino induced drought. It is common knowledge that we are an economy based on agriculture and a drought not only affects the economy but the common man in the village who is set to go hungry. Our fear is that our government and employers are not prepared to cushion the drought through adequate social security guarantees. Instead they take advantage of such calamities to further worsen the plight of the disadvantaged. It remains to be our fear that the government initiative of giving aid is going to be politicised and we urge the government to put measures to curb these practices, while employers would hide behind the drought to stall collective bargaining.
Faced with such a situation, it demands that workers claim their space and rights. We are faced with adversaries that would want to suck life out of the ordinary for political expediency and profits. This year’s theme; "Workers Demand an Inclusive Zimbabwe Free from Poverty, Corruption and Oppression” ARISE WORKERS ARISE!!! is similar to our previous theme but we are now calling upon workers to stand up and confront the beasts. It is a war cry for battle. The battle for accountability in terms of our national
resources, better remuneration and improved social security among others. Workers of Zimbabwe, we are now in a war situation and non but ourselves are our own
liberators.
We have not seen improvements in respect of labour rights, combating of corruption, respect for the rule of law and the will of the people and restraint of plunder of natural resources. Non resolution to these matters is keeping the majority of citizens in bondage. The socio-economic divide between the haves and have not is widening by the day. This calls for serious introspection by the working class towards their common goal. We cannot have a situation where poverty is the common denominator for the majority while a chosen clique plunders the country.
The plight of the workers over the years has not improved despite pronouncement that it has improved. Tangible progress remains a pipe dream despite several blueprints and monetary policies being implemented. Over the years, some of the policies have left workers in tears. We vividly remember how we lost investments, savings and incomes in 2008’s runaway inflation period and 2016 when the country introduced Bond Notes. People have lost their investments without recourse time and again over the years as the government introduced new monetary policies without adequate consultations. This results in non-acceptance of such policies by other stakeholders leading to their failure no matter how good they may be. Issues of trust and faith must not be down played. We moved from Bearer Cheques, Agro Cheques, RTGS and Bond notes without an improvement. We now have the ZIG
and we still wait to see its effectiveness.
Zimbabwe has a social dialogue platform, the TNF, whose aim is to foster consultation, cooperation, and negotiation on critical social and economic issues among the Government, business and labour. This platform is a vehicle for collective engagement and consensus-building on significant policy decisions but it is clearly being undermined. We are seriously considering if it is worthwhile continuing attending this platform. We now doubt the sincerity of the government towards addressing the needs and concerns of the common workers who has suffered the consequences of these policies.
The worker and citizen welfare today is very precarious to say the least. Workers’ rights continue to be eroded. The environment is punitive for workers, characterised by low wages and poor protection levels. While there has been some positive gains in the new Labour Act No.11, we feel there are some grey areas that need to be looked into and we are still hopeful of the process of reform that is going on at the moment. Today the right to strike is criminalised in Section 109, 111 and 112 and freedom of association is not express in some companies. Lawfare against trade unions and unionists is being perfected to bar them from accessing some workplaces particularly some international investors. We have also noted disturbing workplace relations in locally owned companies in the private security and agriculture industries. Civil servants and parastatal employees who had good wages
in the past have not been spared by the obtaining wage erosion.
The worker’s dream for a good life is fast becoming a fairy tale. Employment and social conditions are deteriorating at an alarming pace. High unemployment has caused employers to wilfully disregard the tenets of social justice at the workplace. Some companies intimidate workers to join unions that are formed by management which is certainly against the Labour law and the Constitution that guarantees freedom of association.
While the informal economy is still suffocated by colonial laws, the pace of formalisation of the sector is still low. The national formalisation strategy is there, but there is need to move faster in this area in its implementation. We have noted the worst violations from some of these Chinese employers and would want to make it clear that enough is enough. Their level of disregard for occupational safety and health is alarming. Most workers in their establishments are denied protective clothing and are forced to work for long hours. This cannot go unchallenged. These investors are not only ignoring labour laws, but they are causing extensive land degradation with their mining activities. They tamper with ancestral graves and at the same time do not respect out traditional leaders. This is unAfrican. It is the duty of the government must protect its citizens as per the dictates of the law.
The mantra nyika inovakwa nevene vayo is indeed resonating to the inclusive Zimbabwe that we all want. But how does that happen with the level of inequalities that are currently obtaining where the citizenry is looking at the so-called Mbingas for crumbs? How do you explain a situation where an individual have access to millions of dollars they do not know how to use it except dishing out when workers cannot afford one descent meal or send children to government school? We have seen the elderly in the streets selling anything to feed themselves and their great- great children when some people do not know what to do with the money. The pro-poor mantra is forgotten. The dignity of the working people is the beginning of human capital development. Investing in technology without adequate human capital development will come to nought.
We have not witnessed significant changes on service delivery and infrastructure although we are being taxed to the marrow. Workers and corporates do not see the value of the taxes they are contributing to the fiscus. Our social services and amenities are not improving. Most of our infrastructure is in bad shape. Most roads are just potholes, public hospitals do not have adequate machinery and medicines while access to clean water and electricity is erratic. The cost of basic goods and services is beyond the reach of many. An average family of six now requires a minimum USD570-00 to meet monthly needs.
As usual as workers we have our demands which we feel, if met, would alleviate the plight of workers. The demands are as follows;-
We demand above poverty datum line related incomes and better
working conditions.
We demand full compliance of the labour law by investors.
We demand full and urgent implementation of the Recommendations of
the Justice Smith Commission on lost pension benefits.
We demand enjoyment of social economic rights.
Ratification of C190 that recognize the right of everyone to a world of
work free from violence and harassment, including gender-based
violence and harassment.and C155 that ensure ratifying states
formulate, implement and periodically review a coherent national policy
on occupational safety and health in the work environment
Affordable basic services and commodities.
Respect of the rule of law.
Resuscitation of the economy.
Alignment of labour laws to the Constitution.
Functional health delivery system offering free screening and treatment
of cancers.
Stop Wage theft.
No to politicization of state donated food aid.
Stop Sexual and Gender Based Violence.
To conclude, our message to government and employers is that it is no longer business as usual. Honourable Minister, your government promised to listen to the voice of the people. May I remind you, take the message to cabinet that the workers are the people and they have spoken. We workers need better salaries, better working conditions and to be treated like 1 st class citizens. To our employers, decent work is not an option. Comrades, our journey from today is guided by our theme and the above mentioned demands as we fight for our rights. As a united front, let us take our fights to all available spaces and hold government and employers accountable to our welfare.
I THANK YOU
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