NAIROBI, Kenya, Jan 17— National Social Security Fund (NSSF) has announced the launch of several new initiatives targeting workers across various sectors of the economy in a bid to improve social security coverage and financial inclusion.
The NSSF, which plays a vital role in providing social security to the workforce, said if was impelementing reforms aimed at expanding its coverage, increasing transparency, and promoting financial literacy among contributors.
These changes are part of a broader effort to modernize the social security system and make it more accessible to informal sector workers.
As part of its commitment to increasing its presence in the informal sector, the NSSF aims to recruit more members, rebrand, and make the fund more accessible to workers across all sectors of the economy.
The informal sector, which has traditionally been underrepresented in social security schemes, will be targeted through outreach programs that educate workers on the importance of saving for retirement.
By bringing more individuals into the system, the NSSF hopes to expand its base and ensure broader financial inclusion.
As part of a pilot program, the NSSF will roll out mobile-based enrollment systems to enable individuals in remote and underserved areas to register and contribute easily.
Furthermore, the NSSF has embarked on automating its processes to enhance contributions and improve efficiency in managing members’ funds.
By leveraging technology, the Fund aims to bridge the coverage gap that has left millions of informal workers without social security benefits.
Processing benefits
Speaking during an evaluation exercise at the NSSF headquarters on Thursday, the Deputy Chief of Staff in charge of Delivery Management in the Executive Office of the President, Eliud Owalo, said the NSSF is committed to turning around its operations in the fiscal year 2023/2024.
Planned changes include reducing the time taken to process members’ benefits and ensuring retirees receive their funds more promptly.
Owalo emphasized the government’s commitment to enhancing performance contracting and delivery by rewarding and recognizing well-performing Ministries, Departments, and Agencies (MDAs), underscoring the importance of meeting set targets.
The NSSF Chief Executive Officer (CEO), David Koros, expressed gratitude to the Kenya Kwanza government, noting its commitment to supporting the growth of the NSSF and ensuring all Kenyans are served promptly.
As part of the modernization process, the Fund is also working to implement advanced digital platforms to streamline contribution and claims processes, reduce administrative costs, and improve overall efficiency.
In addition to faster processing times, the NSSF plans to boost returns on members’ contributions by pursuing innovative and competitive investment opportunities.
The Fund also intends to diversify its portfolio to achieve higher returns, ultimately benefiting contributors.
With these new initiatives, the NSSF aims to strengthen its role in providing social security for all workers, particularly as the need for a robust social safety net continues to grow across various sectors of the economy.
