The Workers Compensation Fund (WCF) Director General Dr John Mduma has said that they are financially stable and able to sustain their operations for the next 30 years.
Dr Mduma said this recently in Kibaha District, Coast Region during a meeting with Editors from various media houses in the country, adding that the Fund's actuarial valuation conducted recently has shown that WCF was stable financially. He said the Fund's actuarial valuation is normally conducted after every three years.
"According to the latest actuarial valuation, our financial position has remained very stable and sustainable to operate the Fund for the next 30 years," said Dr Mduma.
Since its establishment some nine years ago, the Fund has paid compensation to over 16,000 beneficiaries out of 20,000 notifications.
It has a total of 1,642 pensioners. WCF is a social security scheme established under the Workers Compensation ACT Cap 263, 2015.
The Fund is responsible for compensating workers, who suffer occupational injuries or contract occupational diseases arising out of and in the course of their employment.
In case of death of workers, the Fund is responsible for compensating dependents as per set criteria. The scheme is operated under social security and insurance principles.
All employers and employees in the public and private sectors in Mainland Tanzania are covered and hence are required by Law to contribute to the Fund.
"We are living to the objective of the Fund by providing adequate and equitable compensation to employees," said Dr Mduma.
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Regarding the amendment of the Workers' Compensation ACT (CAP 263) that was tabled in the National Assembly for the first reading recently, the WCF Head of Legal Unit Mr Abraham Siyovyelwa said some of the notable areas will be touched in the amendment include Section 42(3) to erase word OSHA as a representative of employee in a claim for compensation.
He said Section 48(6) will also be reviewed to abolish the ceiling of monthly pension payment to employees, who suffer from permanent disablement.
The section will read "For the purpose of this section, monthly pension' means a pension payable monthly during the lifetime of the employee and shall expire at the end of the month in which the employee dies". Section 63 (3) will also be amended and required the director general to be furnished with all relevant medial report from hospital that in treating an employee whenever required.
"Where the Director General requires additional medical report regarding an employee, the Medical Practitioner who treated the employee at relevant medical facility shall, upon request, furnish the additional medical report in the form or manner to be provided in the regulations." He said the amendment will also touch several other areas with the objective being to improve WCF service provision.
Function of the Fund include registration of all employers in Mainland Tanzania, collection of contributions from employers, investment of surplus funds, payment of compensation to employees, assessment of risk exposure at workplaces and tariffs determination, maintenance of statistics for all occupational accidents, diseases and deaths, promotion of prevention of occupational accidents, diseases and deaths as well as conducting public education and awareness programmes.
