Social security schemes inject 14tri/- in projects

THE social security fund schemes in Tanzania have jointly injected a total of 14.04tri/- into various development projects, Members of Parliaments told in Dodoma on Tuesday morning.

Disaggregating the figure, Deputy Minister in Prime Minister’s Office responsible for Labour, Youth, Employment and Persons with Disabilities, Patrobas Katambi said out of the said amount, the National Social Security Fund (NSSF) has invested 6.03tri/- while Public Service Social Security Fund (PSSSF) has injected 7.49tri/- in projects.

Citing the Controller and Auditor General (CAG)’s latest report, Mr Katambi added that the Workers’ Compensation Fund (WCF) has invested a total of 521.94bn/-.

Katambi explained this to MPs when reacting to MP Halima Mdee’s question No. 332 sought to know the value of investments by the said schemes.

Additionally, the politicians wanted to know the profit and loss incurred by the schemes.

Responding to Mdee, Mr Katambi said the investments have enabled the schemes to maintain the value of members’ contributions while ensuring sustainability.

“Honorable [Deputy] Speaker, as in any investment there are risks which may cause losses,” he said.

The Deputy Minister said the losses in the schemes’ investments are caused by loan beneficiaries’ failure to pay back loans on time.

However, Halima Mdee was not satisfied with the Deputy Minister’s responses forcing her to seek speaker’s guidance for more clarifications.