How do you view new laws governing pension funds?

Send to a friend

Saturday, 04 August 2012 09:56

Readers believe they should have unbridled access to their benefit pool, and some would like the opportunity to manage their own retirement funds. Nikolas via E-Mail Please, do not interfere with employees’ rights. For short and fixed term contracts, a withdrawal benefit allows a person to plan how to best use his/her money. Withholding anyone’s contributions for whatever reason only benefits the respective social security fund. In a country with below-average salaries and double digit inflation, the value of these contributions would have declined by the time someone attains 55 years of age. Allow them to take their money and invest it in real estate for example, which often appreciates. They’ll be better off for it. Let freedom of choice prevail. Anonymous We need access to social security benefits sooner, more so because we have to deal with a rather low life expectancy and unchecked depreciation of the shilling. Give us our contributions: we know where and how to invest towards our future, because at the end of the day, we are grownups responsible for not only ourselves, but also for the welfare of our families. Faraja Why can’t the Social Security Regulatory Authority (SSRA) understand that with a national life expectancy of 49 years, it’s unlikely that anyone will enjoy proper retirement benefits? How can anyone enjoy 5 years of employment when he’d have to wait 50 years to collect the benefits. I say these laws are really detrimental to the welfare of workers and are completely unacceptable. (Caution: These are a single reader’s comments. Kindly note that 2011 UNDP estimates put the life expectancy in Tanzania at around 58 years - Editor) Anonymous Does the SSRA understand the life expectancy of Tanzanians? By the way, who are these pension funds managers to decide how an employee uses her savings? Even if the money is reimbursed at its full future value by the time one retires at say, age 60, what would be the point then? If said employee has suffered for over 50 years and is only promised a better life after s/he turns 60, what is that for? This decision is useless and uneconomic. Swithurn Mgaya Our long-suffering parents who worked for the earlier form of the East African Community are at great pains, chasing down their benefits still. Do these social security funds want to treat us the same way? If the government wants us to live comfortably after we retire, they should start with the poor guys who worked for the 1967-1977 version of the EAC. Actions speak louder than words. Looking at what the government is doing to these old people, nobody in his right senses would trust its statements. Joseph Nchama  I’m totally against the new law because you are rarely in salaried employment until you reach retirement. Imagine a situation where a worker is terminated at a young age and he is unable to educate his/her child because the government is withholding their benefits. If the government is going bankrupt it should look for other ways to raise fund. They shouldn’t mess with employment benefits. Else, we will always blame our government for not being keen to protect our interests, especially when it comes to remuneration scales. Oloisosion Sirikwa Suppose I’m suspended from work, what would the pension schemes do with my money? In times of unemployment we need those benefits – they enable us to send to our children to school. What the hell is this?