ABOUT SOCIAL SECURITY COMMISSION
ABOUT SOCIAL SECURITY COMMISSION
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:
• Registering employers and employees • Collecting and investing contributions • Assessing and paying claims • Providing benefits • Providing training and employment schemes and providing financial aid to students.
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 utilized 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.
To be the preferred provider of comprehensive social protection in Namibia.
To improve the welfare of our members and beneficiaries by providing comprehensive social protection.
PURPOSE OF THE COMMISSION
Subject to the provisions of Section 9 (1) of the Social Security Act, the powers, duties and functions of the Commission shall be - (a) to administer the funds established by this Act or by or under any other law, the administration of which are assigned to the Commission; (b) to make recommendations to the Minister regarding the application of this Act, amendments thereto and the making of regulations; (c) to advise the Minister on any power, duty or function which may or is required to be exercised or performed in terms of this Act; (d) to inquire into and advise the Minister on matters relating to social security in Namibia including the administration of any fund or scheme, whether established by this Act or any other law, and the determination of contributions and benefits; (e) to acquire, hire and improve property required for the exercise and performance of such powers, duties and functions and, with the approval of the Minister and the Minister of Finance, dispose of such property; (f) with the approval of the Minister, to borrow money on the security of the assets of the Commission, or accept and administer any trust or donation; (g) to exercise such other powers and perform such other duties and functions as may be provided for in this Act or any other law, In addition, generally, to do all such things as the Commission considers necessary or expedient in order to achieve the objects of this Act.
STRATEGIC OBJECTIVES OF THE COMMISSION
|Operational Excellence||Improve Operational Efficiency Improve Financial Sustainability|
|Performance Culture||Improve Work Performance Culture|
|Stakeholder Engagement||Improve Customer and Stakeholder Satifaction|
|Governance Systems & Control||Improve Governance Systems|