Social Security grows benefit pay-outs

The Social Security Commission (SSC) last week announced its operating results for the first four months of its 2013/2014 financial year that started in March this year. During this period, the total benefits paid out reached an amount of N$60.17 million compared to N$41.8 last year for the same period. The total maternity, sick leave and death benefits amounted to N$54.5 million while payments for compensation, medical and pensions under the Employees’ Compensation Fund (ECF) made up N$5.6 million. Last year for the same period these amounts were N$37.9 million and N$3.8 million respectively.
Maternity beneficiaries received the biggest amount of about N$41.6 million, while sick leave claims increased by 61% from N$3.5 million to N$5.7 million. Death benefit pay-outs increased by 26% percent and retirement benefit pay-outs by 46% from last year.
“We are happy that the number of claims have increased by 33% year on year for MSD benefits, and 44% for the ECF benefits. This means that our people are benefiting from the SSC funds and are making use of such funds, thereby enhancing and supporting their lives. At the same time it also means, that the SSC has grown its membership base as there are 45,363 employee registrations while only 2742 were de-registered during the period under review. We believe that SSC funds will continue to grow and prosper as this remains beneficial to all working Namibians and their dependants” said Head of Corporate Communications Rino Muranda.
The Khomas region has the most employees registered for Social Security with a total of 277,440 at the end of June 2013, followed by Karas Region with 59,259 in second place and the Otjozondjupa Region in third place with 26,779. The total MSD employee membership represents a growth of 3.3 percent from 465,047 to 480,382 during the first month since March 2013.