Rwandans saving through Pension Body, the Social Security Fund of Rwanda (SSFR) have increased beyond what was projected, the pension body said in its third quarter report.
According to the 2009/10 revenue projections, the Fund expected to collect Rwf26.2billion. For this target to be achieved, average quarterly payments amounting to Rwf6.5billion are required. The contributions collected in the third quarter total to Rwf6.9billion representing a 6 percent increase.
“This figure will increase as some payments have not been recorded. Compared to the first quarter of the year 2009, Contributions have increased by 35%,” report indicates.
The report states that the good performance is attributed to efforts being put in enforcement, employers’ inspection and sensitization.
This is the third semester report by SSFR since it adopted the EAC financial year that runs from July to June of the following year.
The report also shows that the number of new employers registered in the third quarter of 2009/2010 is 1,352 with 15,560 new employees in mandatory insurance and 24 in voluntary insurance. Total active employers as of 31st March 20010 were 13,067.
“Compared to the first quarter of 2009, the number of new employers registered in the first quarter of 2009/2010 increased by 84%. The level of compliance will be measured after declaration period of 30th April 2010,” the report says.
During the course of the quarter, an amount of Rwf1.5billion was paid to 23,842 beneficiaries. Compared to the first quarter of 2009, the benefits paid in the third quarter of 2009/2010 increased by 0.4%. This increment is due to the attention being directed to customer care and benefits processing.
The report indicates that over 60 percent of the total revenue from investment during the Quarter under review was from coupons. This is mainly due to returns from Treasury bond to the Government that generated Rwf1.1billion.
The Fund also holds shares in 14 local and 2 foreign companies. The value of shareholding in these companies is to be Rwf36.4billion while the released amount so far is Rwf32.2billion.