Kafrican
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- Jan 26, 2015
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TUESDAY NOVEMBER 28 2017
Tanzania has started the process of merging its seven social security funds into two schemes, with the aim of boosting service delivery.
Through the draft Public Service Social Security Fund Bill of 2017, the government will repeal previous laws under which the seven funds were established.
The Bill, seen by The EastAfrican, is to be presented before parliament early next year.
It proposes that all public servants be absorbed by the Public Service Social Security Scheme to be formed under the Act.
The Act will also establish the Public Service Pension Scheme that will absorb all government employees, repealing the Public Service Retirement Benefit Act.
Public servants currently belong to the National Social Security Fund (NSSF).
The other existing funds are the PPF Pension Fund, Public Service Pension Fund (PSPF), Local Authorities Pension Fund, Workers Compensation Fund, Government Employees Provident Fund, and the National Health Insurance Fund.
The seven funds have 2.1 million members with total assets of Tsh8.87 trillion ($4.4 billion).
Minister for Parliamentary Affairs, Labour, Employment and Disabled persons Jenista Mhagama said the government has formed a team of experts to come up with a plan that would help to merge the funds.
Tanzania's plan to merge pension funds kicks off
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Kenya
Retirement scheme assets hit Sh1trn mark on NSE recovery
Assets held by retirement schemes rose Sh167.44 billion last year, for the first time crossing the Sh1 trillion mark on improved compliance by employers and recovery in the stock market.
Pension schemes managed Sh1.08 trillion last December [$10 Billion], 18.35 per cent more than Sh912.66 billion a year earlier according to data released by the Retirement Benefits Authority (RBA).
Retirement scheme assets hit Sh1trn mark on NSE recovery
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Hii ni licha ya Tanzania kua na wafanyikazi 'wengi' kushinda Kenya...
Tanzania has started the process of merging its seven social security funds into two schemes, with the aim of boosting service delivery.
Through the draft Public Service Social Security Fund Bill of 2017, the government will repeal previous laws under which the seven funds were established.
The Bill, seen by The EastAfrican, is to be presented before parliament early next year.
It proposes that all public servants be absorbed by the Public Service Social Security Scheme to be formed under the Act.
The Act will also establish the Public Service Pension Scheme that will absorb all government employees, repealing the Public Service Retirement Benefit Act.
Public servants currently belong to the National Social Security Fund (NSSF).
The other existing funds are the PPF Pension Fund, Public Service Pension Fund (PSPF), Local Authorities Pension Fund, Workers Compensation Fund, Government Employees Provident Fund, and the National Health Insurance Fund.
The seven funds have 2.1 million members with total assets of Tsh8.87 trillion ($4.4 billion).
Minister for Parliamentary Affairs, Labour, Employment and Disabled persons Jenista Mhagama said the government has formed a team of experts to come up with a plan that would help to merge the funds.
Tanzania's plan to merge pension funds kicks off
----------------------------------------------------------------
Kenya
Retirement scheme assets hit Sh1trn mark on NSE recovery
Assets held by retirement schemes rose Sh167.44 billion last year, for the first time crossing the Sh1 trillion mark on improved compliance by employers and recovery in the stock market.
Pension schemes managed Sh1.08 trillion last December [$10 Billion], 18.35 per cent more than Sh912.66 billion a year earlier according to data released by the Retirement Benefits Authority (RBA).
Retirement scheme assets hit Sh1trn mark on NSE recovery
----------------------------------------
Hii ni licha ya Tanzania kua na wafanyikazi 'wengi' kushinda Kenya...