4th May 2009
Minister for Finance and Economic Affairs, Mustapha Mkulo.
The government has challenged social security funds and their stakeholders to broaden their membership size coupled with down to earth improvement and efficiency.
Minister for Finance and Economic Affairs, Mustapha Mkulo made the appeal over the weekend in Dar es Salaam at a one-day first annual general meeting of Government Employees Provident Fund (GEPF).
He said presently only five percent of the 20million active and productive Tanzanians contributed to the social security sector.
"As of now, only about 5.0 percent of just 20million people who were capable to contribute and did so practically were members" adding such a number was too small representing only those on formal employment.
He said the majority in the informal sector was not covered under the social security fund a situation that needed timely redress through concerted efforts involving all stakeholders.
As for the GEPF and other social security funds in the country the minister counselled them to involve major stakeholders including retirees to discuss how the funds could be improved for wider coverage of membership in the country.
Minister Mkulo also said plans were under way to establish a regulatory and coordinating organization for the country's social security sector with a view to improving effectiveness and provision of quality services.
He said establishment of the the body would pave the way to more service improvements resulting in among other heartening outcomes such as broadening members coverage and funds contribution.
"We appeal and would like each and every Tanzanian to bank on and realize the worthiness of the funds" said the minister.
On her part, the GEPF Board of Trustees Chairperson, Monica Mwamunyange underlined the importance of social security funds and appealed to members to make timely contributions to the funds noting further that they were for all workers.
She said GEPF in the 2009/2010 financial would introduce a new product involving all workers in the country.
As of now she said contributions had increased from 3.8bn/= in 2004 to 10.40bn/= in June last year with four consective years of exemplay performance..
SOURCE: THE GUARDIAN
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