Pensioners associated with the Communication Allied Industry Pension Fund (CAIPF) in Zimbabwe are grappling with severe financial difficulties, receiving monthly payouts that barely surpass US$2.50. This meager sum, deriving from their long-term contributions to the pension fund established for former workers of the now-defunct Posts and Telecommunications Corporation (PTC), has plunged many into abject poverty.
The PTC, once a prominent parastatal, was disbanded in the year 2000, leading to the establishment of three separate entities: NetOne, a mobile telecommunications provider; TelOne, the fixed telecommunications provider; and Zimpost, offering postal services. Despite their significant contributions during their employment years, expecting a secure financial safety net upon retirement, these pensioners now find themselves in dire straits.
One pensioner, Enock Musengezi, a former employee of PTC, voiced the deep-seated frustrations felt by many. He highlighted the complex and expansive issues surrounding their pension scheme, accusing CAIPF of betraying its members by failing to uphold its foundational mandate. This mandate was not only to provide financial benefits upon retirement due to old age or ill health but also to support the dependents of deceased members.
Adding insult to injury, these pensioners have also been stripped of their funeral cover, attributed to the insufficiency of funds within the CAIPF. The loss of such a crucial safety net exacerbates their plight, leaving them even more vulnerable in their twilight years.
The situation is made more bitter by the recollection of past better days when PTC was renowned for its comparatively generous remuneration packages. “We feel aggrieved, to say the least,” remarked another pensioner, who preferred to remain anonymous. This pensioner lamented the hollow promises of increased payouts that remain unfulfilled, pointing out the precarious nature of the US$40 allowance which, being non-permanent, could be revoked at any moment.
Efforts to reach CAIPF’s Chief Executive Officer, Reginald Magorimbo, for comments were futile, as he was not available for a response. This lack of communication further clouds the situation, leaving many pensioners in uncertainty and despair.
This predicament of CAIPF pensioners sheds light on a broader issue of pension fund management and the adequacy of retirement benefits in Zimbabwe. As these former telecommunications workers struggle to make ends meet on such paltry sums, questions arise about the sustainability and integrity of pension schemes designed to secure the financial futures of those who have spent their lives contributing to the workforce. The plight of these pensioners calls for immediate attention and action from relevant authorities and stakeholders to ensure that the promise of a secure retirement is not just an empty assurance but a tangible reality for all.
