The Social Security Fund of Rwanda (SSFR) recorded an increase 83 percent in the number of new registered members in the period ending December 2010, reflecting increased willingness by nationals to save through the public pension.
Statistics from a provisional report on SSFR’s performance for the period between July and December 2010 show that 3,596 employers and 33,678 employees registered with the Fund, compared to 1,965 and 29,454 respectively in the same period in the previous year.
The report shows that contributions from members totalled Rwf17.3 billion, Rwf1.6 billion higher than a projected Rwf15.7 billion.
“This impressive performance is attributed to efforts being put in enforcement, sensitisation and employers’ audits,” the report reads in part.
Basing on the current trend, SSFR says it is optimistic that it will be able to meet its Rwf31.3 billion target for the financial year 2010/2011.
It however states that despite positive strides taken in increasing membership, the Fund is still challenged with non-compliance of some members.
The Fund’s investment portfolio grew by 9.7 percent to Rwf173.2 billion, generating investment returns of Rwf3.2 billion, ,mainly on account of high a growth in real estate projects that grew by more than Rwf8.7 billion.
In order to boost its performance in business year 2011, the report suggests that the fund should clear its outstanding arrears in real estate development as well as finally set up the SSFR/RRA project.