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PSSSF rakes in 1.53tri/- in contributions in 2021/2022

PSSSF rakes in 1.53tri/- in contributions in 2021/2022

THE Public Service Social Security Fund (PSSSF) has collected 1.53tri/- in contributions in the 2021/2022 fiscal year, which will be invested in several areas.

PSSSF Director General, Mr Hosea Kashimba mentioned areas of investment as shares, government bonds, collective schemes, industries and real estate.

“Our target was to collect 1.52tri/- therefore, the collection is 100.9 per cent performance. In the 2022/2023 fiscal year our target is to collect 1.58tri/-,” he said at the ongoing 46th Dar es Salaam International Trade Fair (DITF).

According to him, investment of the funds includes in Kilimanjaro International Leather Industries Company Ltd (KLICL), owned in partnership with Prisons Force, Nguru Hills Ranch Ltd - a joint venture between the fund and Eclipse Investment LLC and Busara Investment Company LLP.

Others are Mamba Miamba Ginger Processing Plant located in Myamba Ward, Same District, Kilimanjaro Region and Mponde Tea Factory in partnership with Workers Compensation Fund (WCF).

The factories, according to him, are being completed and are operational, the objective being to boost economy of the nation and create more than 10,000 direct and indirect jobs.

PSSSF was established in 2018 after the government decided to merge LAPF, PPF, PSPF and GEPF to provide social security to all public servants.

Under the Act, the contributions payable by an employer are 20 per cent of the employee’s monthly salary, constituting five per cent deducted from the employee’s salary and 15 per cent contributed by the employer.

Mr Kashimba stated that the goal for 2021/2022 was to register 18,228 members; however, 19,215 members were registered instead, a performance of 105 per cent.

He further said they have also paid 1.6tri/-, long and short-term benefits in 2021/2022.

Tabling the 41.48tri/- national budget estimates for fiscal year 2022/2023, Finance and Planning Minister, Dr Mwigulu Nchemba said the government has increased the lump sum pension to 33 per cent from 25 per cent set in 2018.

At that time it was explained that the measure was implementing the government’s 2014 regulations on pension benefits. This was after pension funds for public sector employees merged into PSSSF.

He said through the exhibition, there are many opportunities for members and Tanzanians to access various PSSSF opportunities including the way they register members, as we collect donations, investments and benefit payments.

“In our pavilion, a member will receive all the necessary services, so if a member has anything to do with membership, contributions or pensions, can be attended here,” he said.

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Mwandishi: HILDA MHAGAMA

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