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NSSF raises contributions, fund value

THE National Social Security Fund (NSSF) has managed to increase membership collection by over two-third in the last two years thanks to improvements made.

The fund collected 95bn/- at the end of last December from 55bn/- at December 2018 after improvements made two years ago in the social security sector.

The Minister of State, Prime Minister's Office, Policy, Parliament, Labour, Employment, Youth and the Disabled, Jenista Mhagama said also the value of the fund had increased to 4.8tri/- in last year from 3.2tri/- in 2018.

The minister attributed the success to the improvements made in 2018 in the social security sector.

Thus, the minister said, currently the government aimed at a system that would support collections, investment and benefits that are in line with the current needs for NSSF members.

And, Ms Mhagama called on the NSSF staff to work in line with the fund's mission and vision which focuses on providing quality services to members.

NSSF between last June and March registered 158,325 new members’equals to 90 per cent.

NSSF Director General Masha Mshomba said over the weekend that between last June and March paid out 484.46bn/- in benefits and 6.5bn/- as pension for 20,777 members.

The DG said that in order to improve performance, the fund continues to review all systems including various policies and guidelines so as to achieve the goals that include enrolling members, collecting contributions, investing and paying proper benefits.

However, Mr Mshomba said, the fund was facing a number of challenges including service delivery following complaints from their members.

The fund aims at resolving the challenges by continuing to provide education, awareness and meet regularly with members to find solutions.

The Minister and DG said in Dar es Salaam over the weekend during a working session arranged by Ms Mhagama and attended by all NSSF regional managers, district managers, sub-station managers and execution officers.

The DG assured the Minister that they would continue to improve their services to meet the expectations of members as per government directives especiallybeing close to the private sector.

Early, this month President Samia Hassan Suluhu directed NSSF to continue enrolling all members from both formal and informal sectors.

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