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PSSSF scoops Best Financial Statement award

PSSSF scoops Best Financial Statement award

The Public Service Social Security Fund (PSSSF) has emerged the winner of the Best Presented Financial Statements for the Year 2020 Awards in the category of social security and health funds.

PSSSF scooped an important award in an annual event held on Friday night in Dar es Salaam. The event was organised bythe National Board of Accountants and Auditors (NBAA). 

The objective of the award is to recognize, encourage and promote best practices in the preparation of financial statements in the country.

Participating entities into the competition were placed into categories of Banks, Financial institutions, Insurance companies, Pension Funds, Manufacturing entities, Trading and distribution entities, and Government Ministries, Departments and Agencies.

Other categories were Regulatory authorities, Regional Secretariats, Telecommunication and Media, Local Government Authorities, Service Industries including Utility and Educational Institutions and . Non-Governmental Organizations (NGOs).

Speaking after receiving the award, PSSSF Director of Finance,Beatrice Musa-Lupi said the victory indicated that the Fund adheres to professionalism, including observing the set international criteria in preparing financial statements.

“This victory not only shows that we strictly observe the set international standards when we prepare our financial statements but also indicates that we have competent staff at PSSSF,” she said.

She explained that the award they won sends a signal to the general public that the Fund professionally and carefully manages members’ contributions and other finances, a situation that builds confidence to members, with the Fund earning high respect in the country.

She assured PSSSF members of the safety of their contributions, including transparency in supervising and managing PSSSF assets.

“This victory assures our members of their reliable future or ‘safe tomorrow’ as our slogan states- We are together today and tomorrow,” said Ms Musa-Lupi.

The Public Service Social Security Fund is a social security scheme established by Public Service Social Security Act of 2018. The main purpose is to collect contributions and payment of terminal benefits to employees of public service. 

PSSSF was established after repealing several acts, including the Public Service RetirementBenefit Act, the LAPF Pensions Fund Act, the GEPFRetirement Benefits Fund Act and the PPF Pensions Fund Act.

PSSSF ensures that every person who is an employee in the public service receives his retirement pension benefits. The mission of PSSSF is to provide high quality social security services using competent, motivated staff and appropriate technology.

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