Call for improved policies for social security funds

The challenge was made on Thursday by the Secretary and Chief Executive of Zambia’s Public Service Pensions Fund Board, Dr Richard Mwiinga, who was in Tanzania for two days to participate in the 8th East and Central Africa Social Security Association (ECASSA)-Social Protection Policy Makers Conference.

“Africa has a lot of potential and there are a lot of opportunities thatare not well-known due to lack of data or information on the said opportunities,” he said.

As a result, policymakers need to develop good policies that will be suitable for social security funds to establish various projects for the benefit of members andthe public at large.

“As social investors we caninvest even in road construction projects instead of depending on the government,” he said.

He added that governance and environment issues in the funds are very important if they are to achieve long-term plans in terms of investment opportunities and other issues.

Dr Mwiinga stressed on the importance of having long and short term investments that come from the schemes and the need to encourage partnerships in certain projects.
“It is easy to implement projects partnership with other institutions,” he said.

On capacity building, he said training for board members, managers, board of trustees of the funds is crucial to help them acquire relevant skills, analyse and mitigaterisks.
Meanwhile, Vice President Samia Suluhu noted that social security plays an important role in economic and social development of the people.

“It protects people from the risk of loss of income and livelihood arising out of both certain and un-certain events,” she said.

It is clearly seen that the role of a robust social security system helps people keep their jobs and support them even in the most critical time of need.

“That is why social security is known as a universal right to all mankind,” she said.
The rights to medical care, sickness benefit, invalidity benefit, and survivors benefit, unemployment benefit, old age benefits are all to be provided for by the social security funds.