Minister directs PSSSF Board to focus on profitable, sustainable investments

DAR ES SALAAM: MINISTER of State in the Prime Minister’s Office (Labour, Youth, Employment and Persons with Disabilities), Mr Ridhiwani Kikwete has directed the newly appointed Public Service Social Security Fund (PSSSF) Board of Trustees to manage profitable investments to continue strengthening the financial capacity of the fund.

Speaking during the launch of the board on Thursday, Mr Kikwete said that profitable investments would also make the fund sustainable in fulfilling its core responsibilities.

“In ensuring the fund remains sustainable and strengthens its resilience, you, as members of the board, have the duty to manage profitable, safe investments that align with priority areas in investment as outlined in the guidelines provided by social security sector regulators, along with government directives,” Mr Kikwete said.

He also instructed members of the board to manage the fund’s activities in accordance with the policies, laws, regulations and various guidelines provided by the government, as well as the fund’s strategic plans for the years 2023- 2025/26, which focus on improving member services, contributions, investments and benefit payments.

The minister stressed that the board should uphold the principles of accountability, integrity, innovation, workplace cooperation and transparency saying that the principles are crucial for ensuring that the fund operates efficiently, fairly and justly.

“The board has the responsibility to manage the fund’s activities under the Social Security Fund for Public Servants Act of 2018. It is tasked with overseeing the registration of members, collection of contributions and payment of benefits. To achieve all this, the Board must consider investment matters,” he said.

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Mr Kikwete added that the fund’s objectives aim to strengthen accountability and ensure that every public servant is responsible in their workplace, upholds integrity, promote development, combat corruption, devise innovative methods to improve services and foster collaboration between employees and leaders.

Minister Kikwete also emphasised the importance of transparency in reporting the fund’s activities in order to increase trust and efficiency.

“Manage the policies and laws effectively and allow management to oversee its operational activities. Avoid conflicts arising from conflicts of interest, as some people misuse their position on the board,” he stressed.

He assured the board that the ministry will provide support to the board as needed to successfully execute its duties as required and ensures it continues to improve day by day for the benefit of its members.

On her part, Board Chairperson, Ms Joyce Mapunjo, expressed gratitude to the government for appointing board members with professional qualifications that align with the responsibilities of PSSSF, while also ensuring consideration of gender balance.

Ms Mapunjo pledged to fully execute the duties as directed by the minister. She said that the Board have already set strategies to achieve better results and elevate PSSF to become the best organisation, not only in Tanzania but worldwide.

PSSSF Director General, Mr AbdulRazaq Badru said the indicators show that the fund is heading to a positive direction, adding that the staff are making good use of its resources and tools to fulfilling the fund’s responsibilities.