The Social Security Fund of Rwanda (SSFR) has registered an increase in its investment portfolio to Rwf 163.2 billion as of August 2010 from Rwf142 billion for the same period last year.
According to a source at SSFR, this is attributed to cautious choices in its investment decisions and good performance of the Rwandan economy.
A statement from the public pension body says the achievement has enabled it to create jobs and facilitate the public with housing schemes at affordable rates. SSFR is currently completing 150 units in Kagugu housing project.
SSFR says that investment in real estate rose from Rwf 47.7bn in August 2009 to Rwf 63.8 billion in the same period this year.
“The performance of the Fund during the month of August is generally inspiring and unwavering. Efforts will be maintained to keep the trend and tirelessly improve areas that did not perform well,” said Kayonga Ruti the Principal Media and Public Relations at SSFR.
The members’ contribution rate remains 8 percent whereby an employee contributes 3 percent and his employer 5 percent.
Officials from the fund also denied recent media reports that it intends to increase the social security contribution of its members from the current 8 percent to 37 percent of monthly earnings.
‘This is totally untrue and misleading. We cannot increase contributions without deep analysis and carrying out studies; it’s outright speculation’ Kayonga added.
He further said that all contributions are determined by law. He however hastened to add that if there is any proposed social security contribution increase, the public will be informed and all stakeholders consulted.