Chronicle Editor
Business Reporter
PUBLIC Service, Labour and Social Welfare Minister, Professor Paul Mavima, has indicated that various National Social Security Authority (NSSA) audits show that there is a need to strengthen investment components to derive maximum benefits as some assets are lying idle.
He told a recent Parliamentary session that some pieces of land and buildings, which should be contributing towards the welfare of pensioners are not fully utilised.
“We are trying as much as possible to improve and strengthen the investment component within us. There are audits that have been conducted that indicate to us that we need to diversify the way in which we invest and that is already taking place,” said the minister.
“We have started to deal with NSSA assets, some of which were sitting idle, especially land and buildings, to make sure they contribute towards the welfare of our pensioners.
“I agree that we need to boost the investment component of it. The way we do it could strengthen in-house investment capacities or delink.
But each time we try to de-link, we get questions about — are you now siphoning resources away from a public enterprise or a State enterprise to the private sector, which might actually lead to prejudice for our pensioners?”
Prof Mavima noted that although it was a delicate balance, the need to improve and capacitate the investment aspect within NSSA is critical.
NSSA was constituted and established in terms of the NSSA Act of 1989 (Chapter 17:04) and is a statutory corporate body tasked by the Government to provide social security.
It administers pensions and other benefits schemes as well as the Accident Prevention and Workers’ Compensation Scheme.
Online Reporter