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Tanzania: Pensions Fund Introduces Mobile Phone Services

THE Public Service Pensions Fund (PSPF) has begun offering services to its customers through mobile phones in attempts to do away with queues. PSPF Acting Director General, Mr Adam Mayingu said in Dar es Salaam over the weekend that prospective customers would now be able to register for the fund's services through their mobile phones.
"After registering through their own mobile phones, new PSPF members will be required to submit the necessary documents to a PSPF branch," said Mr Mayingu during the Annual Stakeholders' meeting on Friday.
Earlier, Labour and Employment Minister, Ms Gaudentia Kabaka, said the government plans to review regulations on public pensions fund to make it possible for members to move from one fund to another.
"The goal is to ensure that members of the public benefits from the pensions funds," said Ms Kabaka while closing the two-day meeting. She pointed out that the formal sector comprises only three per cent of the workforce who are members of pensions funds and that only six per cent of those in the informal sector have joined pensions funds.
PSPF Board of Trustees Chairman, Mr George Yambesi said the fund size grew to 1.9trn/- in 2012 from 36bn/- in June 2000, saying the surplus came from contributions, investment income and other sources. "The number of PSPF members has also increased by 58 per cent (309,767) in June 2012 from 196,150 members in 1999," he said.
Mr Yambesi said that PSPF has already paid 1.35trn/- to pensioners, noting that it started paying benefits in July 2004. He also said that the fund has helped a total of 8,932 family members contributors through Death Gratuity and Survivors' Pension.
"The fund has also sold a total of 1,530 houses to pensioners with less than five years to retire," he said. He added that PSPF would soon open its branches in newly established regions of Simiyu, Njombe, Geita and Katavi.
By greenTech360

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