ubongokid
JF-Expert Member
- Apr 30, 2017
- 2,450
- 4,779
There is a talk about the changes in the Social Security policies in Tanzania.One key issue is whether to allow withdrawal of funds should be allowed from social security fund which is popularly known as withdrawal benefit.
Social security is important and we all need it and given the structure of the population and the economic condition we can not overstate the importance of Social Security.There is a need for Universal Social security coverage in the country for the senior citizens.
It is stupid in a a country where only about 2 milion people are in formal employment and hence covered in social security and hence the remaining population is not covered.Numbers do not lie,if only less than 5% of our population is covered in social security then we can not ignore the need for universal coverage.
Why and how do I recommend the coverage.A government can decide that every person 65 years and older who is not covered by Social security should be registered and paid pension.A farmer who has worked all his life with a hand hoe to feed the nation didcontribute to the economy and he should be paid at least the minimum pension.
About the withdrawal benefit,unless the actuarial evaluation of our Social security Funds is demonstratiing inability of the funds to meet obligations then there is no need to prevent people from withdrawing their funds.What Social Security funds should do is come up with options such as,part withdrawal,age restrictions,threshold amount of withdrawal in all these options it is possible to decide which way to follow.
In this aspect I am looking at a number of aspects as mentioned above.I therefore recommend that our policy makers look at the matters in a way that will create a win win situation
Let us discus the matter with our minds and with honesty
I remain to be corrected
PBK
Social security is important and we all need it and given the structure of the population and the economic condition we can not overstate the importance of Social Security.There is a need for Universal Social security coverage in the country for the senior citizens.
It is stupid in a a country where only about 2 milion people are in formal employment and hence covered in social security and hence the remaining population is not covered.Numbers do not lie,if only less than 5% of our population is covered in social security then we can not ignore the need for universal coverage.
Why and how do I recommend the coverage.A government can decide that every person 65 years and older who is not covered by Social security should be registered and paid pension.A farmer who has worked all his life with a hand hoe to feed the nation didcontribute to the economy and he should be paid at least the minimum pension.
About the withdrawal benefit,unless the actuarial evaluation of our Social security Funds is demonstratiing inability of the funds to meet obligations then there is no need to prevent people from withdrawing their funds.What Social Security funds should do is come up with options such as,part withdrawal,age restrictions,threshold amount of withdrawal in all these options it is possible to decide which way to follow.
In this aspect I am looking at a number of aspects as mentioned above.I therefore recommend that our policy makers look at the matters in a way that will create a win win situation
Let us discus the matter with our minds and with honesty
I remain to be corrected
PBK
