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GIPF asset base increases to N$118.1 billion

GIPF asset base increases to N$118.1 billion

The Governments Institutions Pension Fund (GIPF) asset base increased by 6.3% from N$111.1 billion to N$118.1 billion for the period ended 31 March 2019, according to their recently released statement.

Member contributions to the Fund increased to N$4,329,309,000 from N$4,269,312,000 representing an increase of 1.4%; while benefits paid out by the Fund to its members also saw an increase to N$4,496,943,000 from N$3,586,417,000 representing an increase of 20.2%.

Meanwhile, during the period under review, the Fund`s active membership declined to 101,917 from 102,254 members, representing a decline of 0.3%; while active beneficiaries increased to 40 666 from 38 591 representing an increase of 8.6%.

Furthermore, the fund received an unqualified audit opinion from External Auditors for the 2018/19 audit.

According to the Fund, it is yet to make the Annual Integrated Report available to the public, which will provide further detail and insight into the 2018/19 financial year performance of which Namfisa had granted them an extension to submit their financial statements by 31 January.


About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys