IPEC names and shames pension defaulting employers

Harare (New Ziana)-The Insurance and Pensions Commission (IPEC) on Wednesday expressed concern at the continued failure by some employers to remit contributions to pension funds, resulting in members not receiving benefits when they retire.

The IPEC said this had prompted it to name and shame the defaulting employers, who include the National Railways of Zimbabwe topping the list with ZWL$668 961, 624.73 followed by the Harare City Council at ZW$545 479 373.19 and the Zimbabwe Electricity and Transmission Distribution Company with ZW$331 029 597.04.

The Hwange Colliery, Bulawayo City Council, Vubachikwe, Zimbabwe Consolidated Diamond Company, the Gweru City Council, RioZim and the Zimbabwe Revenue Authority are among the top 10 defaulters.

Others include Chitungwiza Municipality, Zimbabwe Platinum Mine, Simbisa Brands, Innscor Africa, OK Zimbabwe, Mazowe Mine, Kwekwe Municipality and the Civil Aviation Authority of Zimbabwe.

These employers have a combined pension contribution arrears of about ZW$5,3 billion as at 31March 2022.

IPEC said it had been receiving complaints from pension scheme members who have received reduced or no benefits owing to failure by their sponsoring employers to remit pension contributions after deducting the same.

“IPEC calls upon trustees of the affected pension funds to put measures in place to ensure the said employers remit outstanding contributions for the benefit of their pension scheme members. In addition, labour organisations are urged to engage the employers who are not remitting pension contributions for the purposes of protecting members against old age poverty,” it said.

New Ziana