THE PPF Pension Fund has widened up its membership base with a record of around 280,000 members across the country as of now, while the Scheme’s total value rockets to over 2.5 trillion/- with plans to establish new factories.
Minister of Finance and Planning, Dr
Philip Mpango said the positive developments as far as the operations of
the local pension funds in the country were concerned, were
encouraging.
“I understand PPF is also working to
implement President John Magufuli’s directive for Social Pension Scheme
to establish productive industries to boost employment among youth,” he
said.
Dr Mpango who officially opened the 26th
PPF Members Conference at the Arusha International Conference Centre
(AICC) lauded the pension fund in its endevour to team up with the
country’s Prison Services as well as rival scheme, the National Social
Security Fund (NSSF) to establish a Sugar Processing factory and other
productive firms.
The Minister also reminded the PPF
management that, all their investments must take into consideration
their members’ benefits and that such undertakings must not interfere
with settling pensioners’ payments.
As of cumulative debts that the
government owes to local pension schemes, Dr Mpango assured that, the
state organs were going through the records for clarification therefore
very soon all of these liabilities will be settled.
The PPF Pension Fund’s Board of Trustees
Chairperson Mr Ramadhani Khijjah said up to December last year, the
Scheme had collected 378 billion/- from Members contributions for the
fiscal year.
The PPF Board of Trustee Chairman added
that the Scheme has a total of 31,133 pensioners as well as dependents
of deceased members who were paid over 214.3 billion/- during the
2015-2016 financial year.
The PPF Director General Mr Wiliam Erio
said the 26thMembers’ Conference in being attended by more than 800
delegates and is focusing to address the pension fund’s new initiative
to invest in factories and other productive sectors.
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