EMPLOYERS who are members of the Parastatal Pensions Fund (PPF) have been called upon to submit their employees’ contributions to the Fund without delay to avoid penalty (addition contribution) of five percent (5%) of late remittance compounded monthly.
Speaking yesterday when addressing the Southern Highlands PPF member employers Human Resource and Finance Managers/Officers seminar in Iringa, Southern Highlands Zone Manager Mr. Kedron Mbwilo said, both the member and employer’s contributions should be remitted to the Fund within 30 days after the end of each month.
Mbwilo observed that the impact of delayed contributions includes, loss of investment income to the fund, hence inadequate funding for benefit payment to retirees, bad reputation for the Fund and employer and member complaints as well.
He also cautioned employers not do their remittance in cash but remittance should be done through bank deposits, cheques and TISS in case of large amount (more than 10m/-).
“Contribution schedules must be submitted with proof of payment and it is preferred that schedules be submitted electronically,” he insisted.
Meanwhile, PPF have investment policy which is reviewed from time to time so as to take measures of economic changes, constitutes a balanced portfolio to provide opportunity cost of capital.
According to the Southern Highlands Zonal Manager, PPF follows investment policy, guidelines and principle approved by its Board of Trustees in order to preserve capital and enable capital growth and appreciation.
Also hedges against inflation and maintain liquidity levels to meet current or any obligations which may fall due.
The Fund established the low cost housing project in 2004, starting with Kiseke-Mwanza. A total of 580 houses have been constructed and sold and the beneficiaries are any Tanzanian who is willing and able to buy the house irrespective of his/her membership status with PPF (members and non members), according the statement.
The Fund has planned to carry out similar projects in other regions in Tanzania and will start wit five regions (Iringa, Dar es Salaam, Mbeya, Dodoma and Morogoro).
However, implementation of the same shall depend on outcome of country survey on housing needs in the above mentioned regions.
Mbwilo said, for the other new projects similar to the Kiseke project, the Fund is planning to use different selling modality such that; model houses will be constructed and customers will select the preferred models and construction will done by the Fund based on customers taste.
He said,” low cost housing project in Iringa Municipality, at Mawelewele is in progress and all the affected residents in the area have been compensated already to give way the construction of houses.”
The Zonal Manager called for the seminar participants to assist the recruiting new members to boost PPF membership.
Speaking yesterday when addressing the Southern Highlands PPF member employers Human Resource and Finance Managers/Officers seminar in Iringa, Southern Highlands Zone Manager Mr. Kedron Mbwilo said, both the member and employer’s contributions should be remitted to the Fund within 30 days after the end of each month.
Mbwilo observed that the impact of delayed contributions includes, loss of investment income to the fund, hence inadequate funding for benefit payment to retirees, bad reputation for the Fund and employer and member complaints as well.
He also cautioned employers not do their remittance in cash but remittance should be done through bank deposits, cheques and TISS in case of large amount (more than 10m/-).
“Contribution schedules must be submitted with proof of payment and it is preferred that schedules be submitted electronically,” he insisted.
Meanwhile, PPF have investment policy which is reviewed from time to time so as to take measures of economic changes, constitutes a balanced portfolio to provide opportunity cost of capital.
According to the Southern Highlands Zonal Manager, PPF follows investment policy, guidelines and principle approved by its Board of Trustees in order to preserve capital and enable capital growth and appreciation.
Also hedges against inflation and maintain liquidity levels to meet current or any obligations which may fall due.
The Fund established the low cost housing project in 2004, starting with Kiseke-Mwanza. A total of 580 houses have been constructed and sold and the beneficiaries are any Tanzanian who is willing and able to buy the house irrespective of his/her membership status with PPF (members and non members), according the statement.
The Fund has planned to carry out similar projects in other regions in Tanzania and will start wit five regions (Iringa, Dar es Salaam, Mbeya, Dodoma and Morogoro).
However, implementation of the same shall depend on outcome of country survey on housing needs in the above mentioned regions.
Mbwilo said, for the other new projects similar to the Kiseke project, the Fund is planning to use different selling modality such that; model houses will be constructed and customers will select the preferred models and construction will done by the Fund based on customers taste.
He said,” low cost housing project in Iringa Municipality, at Mawelewele is in progress and all the affected residents in the area have been compensated already to give way the construction of houses.”
The Zonal Manager called for the seminar participants to assist the recruiting new members to boost PPF membership.
Comments