Tanzania: Over 14,000 NSSF’s registered pensioners receive monthly payments

Regarding benefits , he said when retire from active works, a pensioner is given 73.5 percent as compared to 60 percent in the past

Tanzania: Over 14,000 NSSF’s registered pensioners receive monthly payments

Regarding benefits , he said when retire from active works, a pensioner is given 73.5 percent as compared to 60 percent in the past

14 September 2017 Thursday 10:58
Tanzania: Over 14,000 NSSF’s registered pensioners receive monthly payments

By Felix Andrew

A total of 14, 946 pensioners in Tanzania have been registered with the National Social Security Fund (NSSF) up to June 30 this year.

Deputy Minister in Prime Minister’s Office Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled Anthony Mavunde disclosed this in ongoing Parliamentary session during question and answer session, he said all pensioners are continuing receive their monthly allowances.

Mavunde was responding to a question poised by Farhia Shomar Khamis, Special Seats Legislator (CCM) who wanted to understand total number of pensioners at NSSF.

The legislator also wanted to understand whether pensioners do benefits with the investment done so far.

Responding, Deputy Minister Mavunde said up to June this year year NSSF had a total of 946, 355 registered members.

Regarding benefits , he said when retire from active works, a pensioner is given 73.5 percent as compared to 60 percent in the past

However various measures have been taken by the government to improve pension payment done by all pension funds.

Few years ago the Social Security Regulatory Authority (SSRA) announced new payment rates, which among other things ensure satisfactory and sustainable payments to the pensioners.

The changes aimed at bringing equality in pension payment as well as to reduce complaints from various pensioners.

SSRA in collaboration with various stakeholders such as media, workers union, employer, pension funds, Bank of Tanzania (BoT) as well as other stakeholders discussed the matter and reached consensus to make major challenges, which gear improvements in pension payments.

Before changes, members of pension funds were divided in two major categories, the first category included those who retired and receive good payments and the second one was composed of those who retired by receiving little amount of payments from pension funds.

Following the evaluation conducted on various pension funds, SSRA came up with regulations under section 6, 25 and 36 together with section 59 of the pension Act number 8 of 2008 as it was amended.

Changes after setting new principles, SSRA efforts to make changes and introduction of new regulations that govern pension resulted to the improvements of members’ pensions.

The new formula offers higher benefits to members compared to the one, which has been used in the previous years.

Azania Post

Azania Post

Updated: 15.09.2017 10:02
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