Tendai Biti sues First Mutual over shrinked $15 million retirement package

Tendai Biti sues First Mutual over shrinked $15 million retirement package 1

HARARE – MDC vice president and former finance minister Tendai Biti is suing First Mutual Holdings Limited demanding his retirement package amounting to $15 million. The insurance company had said it would only pay him what was agreed upon attaining his retirement age of 60. Biti said in 1993, while he was a partner in the law firm called Honey and Blanckenberg, his pension contributions were with his consent converted by First Mutual into an annuity policy. “The annuitisation phase commenced with a payment of ZW$15,648.04 and the written projection…

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Zimbabwe: a country where people’s pensions have disappeared

Zimbabwe: a country where people’s pensions have disappeared 3

HARARE – Retired couple Teddie and Vesta always imagined they would live out their golden years with dignity. He is 85, and served one company for 46 years as a cleaner, eventually rising to become a receptionist. Vesta says that increasing inflation has robbed them both of a comfortable retirement. A year ago Teddie’s monthly pension was worth US$80, it’s now worth US$10. “I’m saddened when I see my beloved sitting in that corner from morning to night,” Vesta told the BBC. “I would love to give him a banana,…

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Pensioners face delay in payments amid currency row

Pensioners face delay in payments amid currency row 5

HARARE – Payments to 200,000 retirees on Zimbabwe’s public pensions scheme could be delayed this month, the national social security agency said, after a foreign currency dispute erupted between local banks and a payments software vendor. Zimbabwe is battling an extended foreign currency crisis which has affected key imports such as electricity, fuel and medicines. Many firms with foreign ownership are also struggling to repatriate dividends to non-resident shareholders. The National Social Security Authority, a mandatory public pension scheme, said on Thursday it could miss a June 13 deadline for…

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