Money Markets
NSSF targets talent pool to restore confidence
The restructuring is keen on prudent management and better understanding of investments to safeguard the contributions. Photo/ANTHONY KAMAU
Posted Thursday, September 2 2010 at 00:00
The setting up of capital and money markets department is significant for getting the investment matrix right.
Better services
A prolonged bear run at the NSE in 2009 wiped off Sh13 billion in invested pension funds, leaving in its wake marginal returns for young workers and reduced payout for retirees, shows the Fund’s 2009 annual report released in June.
Its net assets stood at Sh82 billion in June 2009 from Sh90.5 billion in 2008, although recent data from the Retirement Benefits Authority (RBA) show NSSF has recouped most of the losses.
“The Fund must henceforth be in a position to meet the ever rising demand for better services and management of contributors’ monies, ” said Mr Kazongo.
The Inspectorate of State Corporations had recommended that NSSF urgently restructure to determine optimal staffing levels and rationalise staff requirements.
According to the report, NSSF had 2,557 posts with a staff strength of 1,688 as at September, 2008 meaning 869 positions were vacant.
“Investigation revealed that the aforesaid staff establishment had never been approved by the Board of Trustees,” said the inspector’s report.
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