National Social Security Fund (Tanzania)
 |
|
| Quasi-government | |
| Industry | Social security |
| Predecessor | National Provident Fund |
| Founded | 1997 |
| Headquarters | B. Mkapa Pension Towers, Dar es Salaam, Tanzania |
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Number of locations
|
Offices |
|
Area served
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Tanzania mainland |
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Key people
|
Samwel Wangwe chairman Godius Kahyarara director general |
| Products | Pension fund |
| Revenue |
 TZS (2014)
|
| Total assets |
TZS (2011)
|
| Members | (2011) |
|
Number of employees
|
(2011) |
| Parent | Government of Tanzania |
| Website | Homepage |
The National Social Security Fund (NSSF) is the government agency of Tanzania responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds of all employees in all sectors of the Tanzania economy that do not fall under the governmental pension schemes. There are two other pension fund organizations in the country; the Public Service Pensions Fund for all employees working directly under the government and the Parastatal Pension Fund for all employees working under governmental parastatals.
The NSSF was founded in 1997 as the successor to the defunct National Provident Fund (NPF). NSSF covers all other employers in the country and participation for both employers and employees is compulsory. NSSF is both a pension fund and a provident fund.
The social security scheme dates back to 1964 where all social security issues were handled by the NPF. The National Provident Fund Act was enacted in 1964 and amended in 1968. The NPF became defunct in 1997 and the Act of Parliament No. 28 of 1997 replaced the NPF with the NSSF.
The company is entirely owned by the government of Tanzania and is one of the four social security funds in the country. The others are the Parastatal Pension Fund, the Public Service Pensions Fund, and the Local Authority Pension Fund. All the funds formerly were limited to separate sectors of the workforce; however, the regulations were liberalized in the early 2000s with all funds being authorized to enroll any employees in the formal and informal sector.
The NSSF is managed by a board of twelve members, not including the director general. All board members must be Tanzanian nationals, and none of the board members may hold executive positions. The board has three specialized committees to manage operations: the Finance and Investment Committee, the Audit Committee, and the Staff Committee.
A majority of NSSF's revenue comes from employee and employer contributions. The program is a compulsory scheme and is financed with a contribution of 20 percent of employees' salaries, with half of that paid by employers and the other half paid by employees.
The key trends for NSSF for 2007-2011 are shown below (as at year ending 30 June):
The NSSF head office is at the Benjamin Mkapa Pension Towers in Dar es Salaam. The building formerly was named the Mafuta House. NSSF has an office in all major cities and all regional capitals.
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Wikipedia