2.17tri/- non-cash bond to PSSSF bears fruits

THE Public Services Social Security Fund (PSSSF) pays nearly 200bn/- in monthly pensions, thanks to 2.17tri/- non-Cash Bond endorsed by President Samia Suluhu Hassan.

The non-Cash Bond, which is intended to liquidate the debt of 4.6tri/-, the Fund owed the pensioners, has helped the fund have financial stability, according to PSSSF Public Relations Manager, Mr James Mlowe.

The debt of 4.6tri/- to the PSSSF was inherited from the former social schemes of PPF, GEPF, LAPF and PSPF which were merged to form the PSSSF.

“We thank President Samia for liquidating the PSSSF debt. She has made a key decision since the Fund can now manage to pay more than 180bn/- per month to its beneficiaries,” Mr Mlowe said.

He made the statement during his official visit to the Tanzania Standard Newspapers (TSN) Limited headquarters in Dar es Salaam.

The visit at the TSN, publisher of the Daily News, Sunday News, Habali Leo, Habari Leo Jumapili and Spoti Leo, was aimed at cementing relationship between the two institutions.

He further informed that currently beneficiaries are paid on time as per the law.

The law requires that a retiree be paid their lump sum pension within 60 days after completing submitting the needed documents.

“The Fund has been able to pay the retirement benefits arrears worth 1tri/- so far,” he stressed.

Regarding verification of pensioners who are paid monthly pension, Mr Mlowe said the fund has planned to install a digital verification system across the country to avoid inconveniences.

In line with this, the plan is also ongoing to introduce a system of verifying beneficiaries through mobile phones.

“Previously, we used to verify pensioners manually every year, now we are going to install this digital system in all PSSSF offices and councils countrywide. With this system the beneficiaries can be verified wherever they are by using their fingerprints,” he added.

Mr Mlowe assured of collaboration with TSN in creating awareness to the PSSSF beneficiaries in the country.

For his part, the TSN Director of Business Development, Mr Lamau Mpolo, highlighted the areas where TSN and PSSSF can collaborate, including in publishing magazines, promotional materials and other related communication services.

“TSN has products such as Daily News, Habarileo, e-newspapers as well as digital platforms such as Twitter, Instagram and Facebook, which can be used by the PSSSF to communicate with its members about various issues,” he said.

On his part, TSN Acting Manager of Foreign Language Media Services, Mr Christopher Majaliwa expressed committed to work closely with PSSSF in reaching out to the beneficiaries.

Mr Majaliwa further asked the scheme to closely cooperate with TSN in raising awareness among the employees about the role of the PSSSF.