PPF posts impressive growth

The Parastatal Pension Fund (PPF) has recorded an impressive growth reaching 2.03tri/- by March, this year, from 1tri/- in 2012.

The Pension fund amassed 365bn/- profits from investments last year and collected 320bn/- from member contributions and plans to collect 400bn/- this year, according to the Funds Director General, Mr William Urio.

Mr Urio made the remarks when the Chief Secretary (CS), Ambassador Ombeni Sefue, visited the pension funds stall at the Mnazi Mmoja grounds during the Public Service Sector Week.

The Director said PPF has also made major strides in technology, after launching its own ‘app’ that can be downloaded in any android phone, making the pension fund the only one to have reached that level.

“We have also received an ISO certification making PPF and its services recognised internationally,” Mr Urio explained.

He said the pension fund has investment projects planned one such project will be at Ununio called PPF Water Front Project whose implementation will begin in August.

The Ununio project will include international standard hotels, biggest Mall in Dar es Salaam, Amusement Parks and offices and residential apartments, adding that the project will be completed within the next three years.

Despite the achievement, 90 per cent of the payments by PPF are for members opting to get out of the fund, Mr Urio noted, calling on the government to assist find a solution.

The CS, Ambassador Sefue, described the PPF achievement as excellent work and noted that the challenge faced by PPF is similar to other pension funds in the country.
Source: Daily News, reported by Rose Athumani, from Dar es Salaam, Tanzania
Share on Google Plus

About Abduel Elinaza

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.