9 July 2014

Tanzania: Kabaka Urges Timely Retiree Benefits

THE Minister for Labour and Employment, Ms Gaudencia Kabaka has directed social security funds in the country to ensure that they timely and deservedly issue pensions to their members who have retired.

"I call upon all social security funds to ensure that the retirees are timely paid their benefits as there is no reason for any delay. Money is available, they thus must clear everything within a short period of time," she noted.

The minister made the remarks shortly after she made a tour of Dar es Salaam International Trade Fair (DITF) where she also visited National Social Security Fund (NSSF) pavilion.

Ms Kabaka also allayed fears that frustrated pension fund members over heavy investment being carried out by the Funds saying no money would be lost due to such investment.

Currently, pension funds have been gravely putting in much capital in high-rise buildings and investing in other real estates. She said that such investments were embarked on largely to ensure that the funds generate more profits to make their healthy endurance.

"The public should understand that major investments which are done by our social security funds are strategic, calculated and are of great importance thus they should not be worried," she remarked.

Ms Kabaka noted that the government would continue, through Social Security Regulatory Authority (SSRA) support the Funds in their endeavors of ensuring that they offer financial protection to the members of the public.

She also directed the funds to extend their coverage and ensure that they include more members from informal sectors including farmers, pastoralists and artisanal miners who were previously not covered.

"Do not just eye members who are in formal employment, go much deeper and register some more members from other informal sector... informal sector is the one making bigger percentage of the country's population.

Make sure they are reached," she noted. Ms Kabaka showered praise to NSSF over its two newly established schemes dubbed 'Kilimo' and 'Madini' schemes which target farmers and smallscale miners in the country.


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