Under the Social Security Act, 1994 (Act No. 34 of 1994), currently read with the Employees’ Compensation Act, 1941 (Act No. 30 of 1941) as amended, SSC’s principal purpose is to administer the Funds established by the aforementioned statutes, a Maternity Leave, Sick Leave and Death Benefit Fund (MSD Fund); a Development Fund (DF); a National Medical Benefit Fund (NMBF); a National Pension Fund (NPF); and an Employees’ Compensation Fund (ECF). The NMBF and NPF have been established but are not operational.
In administering the Funds, SSC’s principal operations include: (a) registering employers and employees, (b) collecting and investing contributions, (c) assessing and paying claims, (d) providing benefits and (e) providing training and employment schemes and providing financial aid to students.
SSC is empowered to administer every fund established by the Social Security Act or any other Fund assigned to it. For this purpose, SSC must open a current account for every fund it administers.
The books of SSC are audited annually by the Auditor General to ensure that members’ contributions have been properly utilised for approved purposes. Every year, the Minister of Labour and Employment Creation tables the financial statements and reports in Parliament to inform the nation about the work and achievements of SSC.
SSC derives its funds from membership contributions through compulsory payroll deductions from every employee working and receiving a basic wage, as well as assessments paid by employers based on the wage bill and nature of industry. The responsibility of registration and payment of contributions is vested with employers and they are encouraged to ensure compliance at all times.
The contributions and assessments are utilised for payment of benefits and meeting administration costs. The net surplus of contributions above benefits and administration costs is invested in a diverse range of financial instruments at different financial institutions within and outside Namibia. The investment strategies of SSC are guided by an Investment Policy and overseen by an Investment Steering Committee.
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