Typesetter | Jul 20, 2017 | 0
Satisfactory year for Social Security Commission
Acting Executive Officer Emma Kantema-Gaomas of the Social Security Commission has advised that the membership growth and revenue collection on both of its funds, the Maternity leave, Sick leave and Death benefits Fund (MSD) and Employees’ Compensation Fund (ECF) this year has been more than satisfactory.
She stated: “When looking at the figures a total number of 61 447 (ECF) and 77 179 (MSD) employers were registered as at August 31, 2015 where the membership at the end of last year was 55 451 (ECF) and 70 911 (MSD). This represents a growth of 11% and 9%, for both ECF and MSD respectively. The total active employee membership as at 31 August 2015 is 592,752, representing a net year-to-date increase of 27 783 employees or 5 percent. This growth can be attributed to compliance efforts and open days.”
Kantema-Gaomas said that a total of N$108.7m (2014: N$104.7m) was paid up to 31 August 2015 representing an increase of 4 percent in comparison to the previous financial year. The 3% increase in MSD benefits was due to an increase in salaries which was reflected in the average paid per claim of 5 828 (2014: 5 532). The ECF benefit payments increased to N$11.1m (2014: N$ 9.9m) while the number of claims increased to 3 341 (2014: 3 312).
“The increase could be ascribed to more and more awareness having been passed on to our current employers and potential members by our Compliance officers and staff members in our branch offices and satellite office,” she added.
The Social Security Commission furthermore ran a number of campaigns to address non- registration in the media and this added to increased awareness. “SSC is dependent on its members and their monthly contributions to meet its statutory obligations of honouring claims for benefits and ensuring financial sustainability of its funds.
The more members are registered the better for the various funds to keep the contribution rates low and increase the revenue to the funds in order to pay our better benefits.”
Kantema-Gaomas encouraged Namibians to become registered members of the Social Security Commission, saying this gives people peace of mind knowing that they are covered by SSC schemes.