Seniors advised to manage increased pensions wisely

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WINDHOEK – Bank Windhoek has applauded the government for raising the pension grant from N$600 to N$1000, saying it is a positive move aimed at alleviating poverty amongst the nation’s elders.

The bank’s Manager for Business Development (Traditional Banking Channels), Bokkie Cloete, emphasized that the grant should assist with income security for pensioners particularly as they are vulnerable to abuse and neglect.
Although the increase has been received with mixed reactions amongst pensioners, Bank Windhoek believes it will go a long way in assisting the elderly to improve their lives and the lives of their dependants.

However, Cloete warned that there are criminal individuals that will try to take advantage of this increase by abusing pensioners to hand over their pension to them. Bank Windhoek, therefore, advises pensioners to keep their money safe in a bank account, which will also help them manage their funds better.

Bank Windhoek offers seniors 55 years and older a SeniorSave product that consists of an affordable fee structure at no monthly service fees. A number of transactions are also offered for free, such as ATM withdrawals at Bank Windhoek’s ATMs and transactions at point-of-sale (PoS) machines.

No cash handling fee is payable on SeniorSave accounts and clients have access to internet and cellphone banking to pay accounts and send money to friends and family at their own convenience.

“Pension grants have been proven to save the elderly from poverty and hunger. In most cases, the elderly also look after several dependants and the pension grants help provide for basic needs in the household,” noted Cloete.

“At Bank Windhoek, we understand that senior citizens have unique banking needs, and our SeniorSave account will allow them to save and keep their money safe from criminals. There are still some senior citizens that keep their pension grants under their mattresses to avoid banking charges. However, the SeniorSave account is an affordable product with reduced fees and market related interest rates,” said Cloete.

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