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)
