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Pennies For Pensioners: Shocking $2.50 Payout Sparks Outrage And Concern

Pensioners from the Communication Allied Industry Pension Fund (CAIPF) are feeling the heat as they are reportedly getting US$2,50 monthly payouts leaving most of them wallowing in abject poverty.

CAIPF is a pension fund for former Posts and Telecommunications Corporation (PTC) workers run by a board of trustees.

The mandate of the fund is to provide financial benefits to its contributing members that will have either retired due to old age or through ill health, including their dependants should the members die.

PTC is a former parastatal which was disbanded in 2000 resulting in the creation of NetOne (mobile telecommunications provider), TelOne (then fixed telecommunications provider) and Zimpost (a postal services company).

Some of the pensioners told NewsDay yesterday that they are getting ZWL$50 000 which is a mockery to their years of contribution.

“We are pensioners from the CAIPF and we feel it is important that these pension houses should be exposed when they are shortchanging members. The issue of our pension is quite complex and wide,” said Enock Musengezi, a former PTC employee.

“It is against this background that we as its members are feeling betrayed and aggrieved. We are feeling neglected and downtrodden. CAIPF is doing nothing to alleviate our suffering. CAIPF is not fulfilling its obligations, statutes and mandate.”

The pensioners said they had since been deprived of funeral cover because of insufficient funds.

“It is everyone’s knowledge that PTC was one of the highly paying companies from colonial era to present Zimbabwe compared to most companies. We were above most companies in terms of remuneration hence we significantly contributed towards a pension fund with the hope that come retirement we will have a fall back.

“We feel aggrieved to say the least. Promises are flown in the air for increases to our meagre payouts of ZWL$50 000 or US$2,50 and an allowance of US$40. And everyone knows that an allowance is not permanent and can be withdrawn at any given moment,” said another pensioner who declined to be named.

CAIPF chief executive officer Reginald Magorimbo was not reachable when NewsDay tried to contact him yesterday.

ZiMetro

https://zimetro.co.zw/pennies-for-pensioners-shocking-2-50-payout-sparks-outrage-and-concern/

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