Parliamentary Committee Engages Public on Insurance and Pensions Bill
Written by Skyz Metro FM on March 27, 2025
26 March 2025
Effort Moyo |
The Portfolio Committee on Budget, Finance, and Investment Promotion held a public hearing in Bulawayo yesterday to gather input on the Insurance and Pensions Commission Amendment Bill, 2024.
The proposed Bill seeks to expand the mandate of the Insurance and Pensions Commission (IPEC), strengthening oversight over insurance products and pension schemes to safeguard policyholders and pensioners. Presenting the objectives of the Bill, Dr. Thokozani Khupe emphasized its focus on regulating medical aid societies and ensuring better protection of workers’ pension contributions.
Zimbabwe National Pensioners Forum Trust representative, Mr. Winnos Dube, raised concerns about pensioners’ exclusion from key decisions affecting their welfare, calling for greater inclusion in the Bill.
Cowdray Park resident Norman Ziyagoba Ndlovu, a 42-year veteran of the clothing industry, shared his experience of losing retirement savings to inflation in 2009. He expressed hope that the Bill would introduce safeguards to prevent similar losses for pensioners.
The public hearing, hosted by the Parliamentary Portfolio Committee, also discussed classifying Medical Aid Societies as financial services under IPEC regulation to enhance accountability and oversight.
Skyz Metro FM