Minister of State in the Prime Minister's Office -Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled -Jenista Mhagama, threw the challenge when speaking during the closure of PPF pension fund stakeholders’ Annual General Meeting in Dar es Salaam at the weekend.
This year’s conference is the 25th in a series and was attended by more than 500 people.
She said the fifth phase government aims to transform Tanzania into a middle income nation through industrialisation thus requiring support from all the sectors. She urged pensions funds to perform their duties in accordance to the country’s development vision 2025.
“An industrialized nation requires skilled workforce…you should now think of investing in a workforce to enable the country to become a middle income country”, Mhagama said, insisting on the fund to play the role of improving skills.
The State minister noted that President John Magufuli was determined to transform Tanzania into an industrialised nation with a growing economy. She urged PPF and other pensions funds to make investments that would help the President to realise his dream.
She, however, applauded the fund for establishment of maternity benefits that are offered to female members who have already given birth, up to four children.
She commended the establishment of ‘Wote Scheme’ that targets the informal sector, saying it gave a chance to people outside formal employment and made them part of the pension fund as it was open to everyone with income including fishermen, farmers, artisanal miners, artists, food vendors, small and medium sized entrepreneurs.
Wote Scheme covers and appreciates the value and participation of the informal sector to the economy. It offers better opportunities to the informal sector and acts as a catalyst to their economic activities and provides social protection.
Speaking during the opening of the conference on Thursday last week, deputy minister for Finance and Planning, Dr Ashatu Kijaji, said the government was finalising the process of repaying its debts of 225bn/- to the Parastatal Pension Fund (PPF).
She said they have directed the Bank of Tanzania (BoT) to prepare a non-cash bond that would be given to the fund as part of strategies to settle the debt.
The money was borrowed to facilitate construction of the Dodoma University.
She said the debt would be paid in installments and it will start by repaying 128bn/-.
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