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Social Security funds lie unclaimed

Saima Neke

Saima Neke

“As at 30 June 2014 the total balance of unclaimed benefits for all three funds (MSD, ECF, and APF) amounts to N$664,639 representing 1.1% of the total benefit paid for the four months starting March 2014 to June 2014” said.
 Saima Neke, Manager: Creditors at the Social Security Commission.
She said there are a variety of reasons why money remained unclaimed.
 “The reasons could include the fact that the recipient’s bank account changed or closed or that the recipient had been unable to provide identification at the bank.
Furthermore there are cheques which had expired before they were presented to the bank and sometimes the postal address of beneficiaries also changed.”
Monies unclaimed for one year are published in the Government Gazette, and a month later, transferred to the Reserve Fund.

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