By Gideon Madzikatidze
HARARE – Government has raised the minimum retirement pension by 28.57% from US$70 to US$90 for 262,000 beneficiaries, and the minimum workers’ compensation pension by 30% from US$100 to US$130 for 8,000 injured workers.
The increase, announced by Minister of Public Service, Labour and Social Welfare Honourable Edgar Moyo in Harare this Tuesday, will reflect in the November payroll on 13 November and are backdated to October 2026.
“These adjustments demonstrate Government’s recognition of the contributions made by workers throughout their productive lives and the importance of ensuring that retirement and social security benefits provide meaningful support and uphold human dignity,” Moyo said.
Moyo added that the review followed a statutory actuarial valuation which confirmed the financial health of the fund. He also announced the Occupational Safety and Health Act No. 7 of 2026, to strengthen prevention, compliance and accountability in workplaces.
Meanwhile, NSSA General Manager, Dr Charles Shava linked the increase to economic stability and strong investment returns.
“The fact that we have been able to increase the pensions by around 30% speaks very much about the stability of the economy. Inflation is low and therefore it is also translating to stable contributions from employers and employees,” Shava said.
He said investment income had grown from US$4 million in 2022 to US$40 million now, while NSSA’s balance sheet had grown from about US$300 million to almost US$1.3 billion.
“Our investment portfolio has been growing very rapidly,” Shava said.