GOVERNMENT is unhappy with the way the National Social Security Authority (NSSA) is being run and is contemplating a major shake-up at the pay-as-you-go pension scheme once a new board has been put in place, the Financial Gazette can exclusively reveal.
A statutory body established in terms of the NSSA Act of 1989 to provide social security, the authority has of late come under heavy fire for making poor investment decisions that have done little to improve the welfare of pensioners. On an annual basis, NSSA pays out total pension premiums of about US$83 million. Retrenchment pensioners are paid US$60, while the survivors' pension, invalidity pension and children allowances are paid at US$30. On the death of a member, NSSA pays US$300 in funeral grants.
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