The National Social Security and Insurance Trust (NASSIT) on Tuesday commenced celebration of its 15-year anniversary since its establishment in 2002.
To mark this anniversary the institution organised a three-day members conference held at the Bintumani conference centre under the theme, “NASSIT at 15 – harnessing the gains, challenges and opportunities towards improved service delivery”.
At the opening session, the Director General of NASSIT, Joseph Mans, gave an update on the successes and challenges that the companies have made over the years.
In his statement, Mans disclosed that the total value of the Trust’s investment portfolio, as at the end of June 2017, stood at Le1.46 trillion and this figure is exclusive of cash balances at the Central and Commercial Banks which stood at 1.99% of the total portfolio.
The US dollar reserve, he went on, amounted to $445.46(Thousand) USD. “Between December 2014 and June 2017, the Trust’s accumulated fund increased from Le923.80 billion to Le1.46 trillion representing a whopping 57.95% growth in the fund”.
The National Social Security and Insurance Trust was set up by an Act of Parliament in 2001 with a mandate to “administer a social security scheme that provides financial security to all employees in Sierra Leone in the form of old, invalidity and survivors benefits, based on social insurance principles”.
He further highlighted some of the successes of NASSIT, which includes construction of Bespoke regional offices across the country, introduction of an electronics data records management system and construction of an ultra-modern records warehouse in Newton. They have furthered increased compliance through collaboration with key state actors and they have increased membership and vast improvement in core operational function.
In his keynote address, Vice President Victor Foh said fifteen years of existence is a time should be a period of stock-taking, a time for assessment of the administration of and a time to review the challenges facing the scheme, “to ensure that it is kept financially solvent”.
VP Foh said they should work hard so that the scheme will succeed because it was established “to bolster government’s capacity in dealing with those social and economic challenges including those relating to widespread unemployment which the then economic structures could not support”.
By Betty Milton
Wednesday October 11, 2017.