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This study assessed transformation of social security funds from multiple to a unified
social security fund with reference to Public Service Social Security Fund (PSSSP). It
specifically examined the criteria for harmonization of multiple social security fund to
a unified social security fund in Tanzania, assessed the effects of transformation from
multiple to a unified social security fund to livelihood of retirees in Tanzania and the
procedures for obtaining retirement benefits from multiple to a unified social security
fund in Tanzania. The study deployed mixed research approach and multiple case
study design in particular. A sample size of 150 respondents was selected through
convenience and purposive sampling techniques and used in the study. Data were
collected through interviews, questionnaires and documentary review methods.
TheContent/ Thematic was employed for qualitative data analysis and Statistical
Package for Social Science was deployed for quantitative data analysis. The findings
of the study indicate that effects of transformation are satisfaction of employees’
serves, reduction of Social Security Fund operating cost, rise of employees’ morale,
increase of the membership base, increase of contributions that boost the cash flow
and individual income increase. The findings also indicateconfirmation of personal
details, picking up retirement data, complete retirement application as well as timeline.
Moreover the study findings indicate that there was an approval of members by Social
Security Fundas they were required to submit all the required documentations per the
forms issued by Social Security Fund, guarantee monthly deductions, duration of the
loan will vary depending on the loan amount as well as does not require the pensioner
to provide any tangible security. The study concludes that, apart from the benefits
received by the pensioners and other beneficiaries, social security enhance socioeconomic
development of the country through Corporate Social Responsibilities
(CSR). The study recommends that, the government of Tanzania should reinforce
measures to strengthen SocialSecurity Fund to enhance total adhesion to pension funds
schemes for all workers in both formal and informal economic sectors. |
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