Tanzania: Govt Increases Lump-Sum Rates for Pensioners to 33%

26 May 2022
Tanzania Daily News (Dar es Salaam)

THE government announced on Tuesday fresh pension calculator raising the lump-sum rates from 25 percent that was rejected in 2018 to 33 percent.

The new payment will be effective from July 1, 2022, Prof Jamal Katundu, Permanent Secretary in the Office of Prime Minister responsible for Labor, Employment, Youth and the Disabled told reporters in Dodoma.

He said the new calculation will benefit over 1.3 million members of social security schemes, an equivalent to 81 percent of all fund members which are 1.69 million.

The new announcement also increases the monthly pension from the current 50 percent to 66 percent for former PSPF and LAPF members who make up 19 percent of all social security scheme members.

"This new regulation, will facilitate the NSSF and PSSSF pension funds to be more strengthened and sustainable and subsequently increase their monthly pensions based on actuarial evaluations that will be conducted every three months," he noted.

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