The insurance company this year received $20 million towards the fund in line with the government’s controversial indigenisation regulations. Recently the Zimbabwe Youth Council director, Livingstone Dzikira, told the local media that there was rampant abuse of the fund, alleging that most beneficiaries were using the money to get married.
“Seventy percent of the funds disbursed have been abused by youths who are using the money to get married. This is why we have resorted to buying goods directly for them,” alleged Dzikira.
Pensioners who spoke to The Zimbabwean blasted the company for neglecting them while people who never contributed to the company were suffering.
“It pains me to hear that some people are paying lobola using the Old Mutual fund while the company has given me almost nothing for my policy. I spent my life contributing substantial amounts towards securing my future but at the end of the day I get peanuts while someone who has never contributed anything towards the company is given lucrative amounts. At times life is very unfair,” said Joshua Weller, a 72-year-old pensioner. Weller has been in possession of two policies since 1994 and 1998 when the Zimbabwe dollar was still in existence. Since 2010 Weller has been battling to get a decent annuity from the company.
Another pensioner, Beatrice Chiromu said Old Mutual should be ashamed that the company’s funds were being abused. “Why empower other people when policy holders are living a miserable life? Old Mutual should know that charity begins at home,” she said.
Chiromu said the company should have considered the plight of pensioners and their families before allocating the money to the Ministry of Youth Development, Indigenisation and Empowerment. “What is clear is that this indigenisation money is used as a campaign gimmick by Zanu (PF). Pensioners and their families were supposed to have been given first preference for the fund because they are struggling,” she added.
Post published in: News