Tanzania: Retirees Pocket 100bn/ – in Three Months

THE country’s pension funds– Public Service Social Security Fund (PSSSF) and National Social Security Fund (NSSF) have paid a total of 100bn/- to retirees in just three months, it has been revealed.

The payment was made as result of the government’s efforts to settle claims by retirees countrywide.

According to the Minister of State in the Prime Minister’s Office (Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled), Ms JenistaMhagama, the huge payment to the retirees was a milestone achieved in the first 100 days of President SamiaSuluhu Hassan’s presidency.

Ms Mhagama expressed satisfaction with the performance and achievement of the two social security funds.

“As the minister responsible for the management of these funds I am impressed with their performance. In the first 100 days of President

SamiaSuluhu Hassan administration 100bn/- have been disbursed to pay retirees,” she said, adding that the NSSF continues to do better in

clearing the existing debts by increasing the collection of contributions from its members to 100bn/- per month.

Minister Mhagama made the remarks on Tuesday at the ongoing 45th Dar es Salaam International Trade Fair (DITF) while visiting the ‘Ushirikiano’ pavilion which is used by the two funds.

Ms Mhagama added that the government has directed officials of both funds to make management assessments and come up with a proper system that will create a better mechanism for serving retirees.

She said that President Samia commended the NSSF Director-General, Masha Mshomba, who in a very short time since his appointment, hasmanaged to raise collections of the Fund to 100bn/- per month.

For his side, Mr Mshomba said the Fund haa enjoyed a rapid growth in the last few years and the Fund’s worth was 3tril/- but as of June 30, according to estimates that have not been audited yet, there are already about 5.2tri/-.

“We continue to promise President Samia that we will do our best to enroll more members from both private and the informal sectors,” he explained.

Both are pension funds that were formed after the law was amended and led to the merging of four separate pension schemes into two.

For his part, PSSSF Director-General, Hosea Kashimba said, their partnership to use the same pavilion to provide services during the trade fair has made it easier for members and retirees under both Funds .

“Since the fund was established from 2018 to June 30, 2021, a total of 144,000 (retired) beneficiaries have been paid their benefits and wepay a monthly pension of 58bn/- and we pay on the 25th of each month,”he said


Source link : https://allafrica.com/stories/202107080321.html

Author : Daily News

Publish date : 2021-07-08 08:38:18

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