. . . System to cushion workers in between employment in pipeline
THE government is setting up a system that would see workers who lose jobs benefiting during the period they will be looking for employment instead of deregistering them from the National Social Security Fund (NSSF).
Speaking on behalf of the headquarters here yesterday, the Arusha NSSF Regional Manager, Mr Frank Maduga, said the person who has lost employment will not have to withdraw his benefits while seeking another job, as the funds are meant to be of help after retirement.
The Manager said that the type of life after retirement of an NSSF member would depend on amount of savings one has with the fund, as it would be used to serve the member and three dependents in healthcare and in case of invalidity, education costs would be met as well.
Mr Maduga issued a caution to members against a trend that has been typical to many that they claim and withdraw all their savings from the fund, claiming that they are going to invest, reminding them that if the said investments do not take off or do not thrive, life after retirement age would be anarchy.
The government reduced, by an Act of Parliament, social security funds, to two, namely NSSF and Public Sector Support Facility (PSSF) that would be monitored by the Social Security Regulatory Authority (SSRA).
There were seven social security funds namely, National Social Security Fund (NSSF), PPF Pension Fund, Public Service Pension Fund (PSPF), Local Authorities Pension Fund (LAPF), Workers Compensation Fund (WCF) , Government Employees Provident Fund (GEPF) and National Health Insurance Fund (NHIF).