Social Security Institutions and their Functions

1.1. Social Security Institution

 

These are non bank institutions which mainly provide and promote welfare services to the people in the communities. They provide social welfare services under special agreement between the institutions and the customers or members

 

There are many social security organizations which belong to the government of private owners

e.g. the national social security fund NSSF the parastal pension fund [PPF] local prudent fund [LPF]

 

1.1.1. functions of the social security organizations

 

To mobilize savings from companies and members and paying them to the retired workers /even before if there is a genuine reason

To provide specific loans and other social benefits to the members

To establish physical investment such as construction of residential houses for renting to the customers

To provide employment to the people so as to enable them have reliable source of income

To provide education loan to the members (e.g. PSPF)

Melkisedeck Leon Shine

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