Tanzania: Pension Funds Amalgamation Thrills TUCTA
Trade Union Congress of Tanzania (TUCTA) yesterday applauded the enactment of Public Service Social Security Fund Act to merge the various pension funds into two schemes.
The trade union apex body welcomed the move, saying the merger will lead to lucrative packages for pensioners.
Through the new legislation that the National Assembly enacted and President John Magufuli assented to, the country now has two social security funds, the Public Service Social Security Fund (PSSSF) and the National Social Security Fund (NSSF) for public and private sectors, respectively. Prior to the legislation, there were five pension funds with almost similar benefits.
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