SSHFC Members Funds Hit D8.3Billion in 2023 – Chairman Oreme Joiner

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Mr. Oreme Joiner, the seasoned Chairman of the SSHFC Board

By: Kebba Ansu Manneh 

Mr. Oreme Joiner, Chairman of the Board of Directors of the Social Security and Housing Finance Corporation (SSHFC), has disclosed that the Corporation has witnessed a noteworthy uptick, with member funds growing from D7.8 billion in 2022 to D8.3 billion in 2023, representing a commendable growth of 8.4 percent during the period.

He revealed this on Thursday, April 25th, 2024, at a local Banjul hotel where Social Security and Housing Finance Corporation delegates held their Annual General Meeting (AGM).

According to him, the Corporation has made a significant stride in reducing staff costs to at least 26 percent, which indicates the Board’s dedication to maximizing members’ value while ensuring the operation of the Corporation.

He disclosed that the Corporation had achieved key milestones during the year 2023, especially with the launch of its strategic plan for 2022-2026. He added that the recent validation of the amended SSHFC Act 2015 depicts the commitment to compliance and governance.

“The Corporation also implements numerous policy documents, and others are at an advanced state for implementation. Additionally, completing the 2023 Financial Audit demonstrates the Corporation’s commitment to financial integrity and transparency, making SSHFC among the few parastatals that have accomplished their 2023 Financial Audit,” Oreme Joiner, SSHFC Board Chairman, disclosed.

He added, ” The Board fully supports Management in implementing the Social Security Management Information System (SSMIS), a cutting-edge computerized system that enhances operational efficiency and member services. This system integrates all related subsystems and features a dedicated user portal for 24/7 member access, aligning with the commitment to meet evolving needs in the digital era.”

Saloum Malang, Managing Director, SSHFC, disclosed that contributions from members of the Federated Pension Scheme reached D321,321,000, representing a notable 4.63% increase from the previous year, noting that this growth underscores the continued commitment of scheme members towards securing their retirement futures.

According to him, the National Provident Fund recorded contributions totaling D424,882,000 during the same period, highlighting the significant financial support provided by participants in this essential fund, adding that these contributions not only reflect the dedication of individuals towards their long-term financial well-being but also contribute to the overall strength and sustainability of social security initiatives within the nation. 

The Managing Director further states that D242,819,000 was paid out to members of the Federated Pension Scheme during the year, while D140,461,000 in benefits was distributed to members of the National Provident Fund for the same period.

He emphasized the organization’s commitment to leveraging technology for enhanced member services. He added that member registration will transition to a remote process through the member interface under the new IT system, streamlining accessibility and convenience.

“Furthermore, the IT overhaul will facilitate online account maintenance, allowing for seamless payments and remittance scheduling. Claim processing and benefit payments are set to undergo significant improvement, to reduce processing time from 30 days to under ten working days, ensuring timelier disbursement of benefits to members,” SSHFC Managing Director disclosed.

He added: “In a move towards digital transformation, members will have access to their statements online via the member portal, marking a shift towards efficient and paperless statement production.”

During the event, the Independent Electoral Commission (IEC) oversaw the elections for representatives of the National Provident Fund (NPF), Federated Pension Scheme (FPS), and Pensioners’ Representative on the SSHFC Board. 

Mr. Abubacarr Darbo, Memunatu J. Camara, and Mr. Alhagi Alieu Faal were all re-elected to the positions of Federated Pension Scheme, National Provident Fund, and Pensioners’ Representative, respectively, unopposed, as no opposing candidates contested these positions against them.

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