The leader of Zimbabwe's Parliament, Jacob Mudenda, believes good pensions will help make the country richer by 2030. He shared this idea when talking to other leaders about a new plan to help government workers save money for when they stop working.
Mr. Mudenda explained that people who have finished their working life need special care. He wants to make sure they have enough money to live well. He even quoted a famous boxer named George Foreman who said the important thing about retiring isn't your age - it's having enough money to live on.
A government worker named Mr. Masanga talked about how much money they need each month to pay people who used to work for the government. They need 32 million US dollars and 406 million ZiG. He said they want to create a special savings pot to help make these payments easier.
The government tried to start this saving plan back in 1999, but they didn't have enough money then. In 2018, they decided to try again. The new plan will change many old rules about pensions and put them all into one simple law.
Right this minute, retired government workers receive their money straight from what today's workers pay in taxes. The new plan will be different. The government will save up money and invest it. This means retired workers will always know their money is safe, even if the government has money problems.
This new way of saving will help everyone who works for the government feel more secure about their future. They will know they can live with dignity after they stop working. Mr. Mudenda thinks this is very important for making Zimbabwe a better place to live.
Mr. Mudenda explained that people who have finished their working life need special care. He wants to make sure they have enough money to live well. He even quoted a famous boxer named George Foreman who said the important thing about retiring isn't your age - it's having enough money to live on.
A government worker named Mr. Masanga talked about how much money they need each month to pay people who used to work for the government. They need 32 million US dollars and 406 million ZiG. He said they want to create a special savings pot to help make these payments easier.
The government tried to start this saving plan back in 1999, but they didn't have enough money then. In 2018, they decided to try again. The new plan will change many old rules about pensions and put them all into one simple law.
Right this minute, retired government workers receive their money straight from what today's workers pay in taxes. The new plan will be different. The government will save up money and invest it. This means retired workers will always know their money is safe, even if the government has money problems.
This new way of saving will help everyone who works for the government feel more secure about their future. They will know they can live with dignity after they stop working. Mr. Mudenda thinks this is very important for making Zimbabwe a better place to live.
