Eligibility for the SACCOS
a. Employee based SACCOS and its members must be contributing to PPF
b. The SACCOS must have a track record of at least three years of operations and its accounts are audited.
c. The SACCOS must obtain the employer’s guarantee letter for the loan applied.
Conditions for the loan application:
SACCOS must submit the following documents;
a. Formal Application letter
b. Profile of the SACCOS
c. The detailed status of the SACCOS’ members
d. Approved list of applicants by Employer and SACCOS Management
e. Most current audited accounts for at least 3 years
f. Letter of Employer’s guarantee.
g. Exposure to any other Financial Institution.
h. Insurance cover from other insurance company
Loan Limit
The SACCOS is entitled to borrow up to five (5) times of its total Shares, Savings and deposits as per the last audited accounts.
Loan Repayment Period
The loan will be repaid for a period of 3 or 5 years and is repayable monthly.
Services/Benefits: We offer Old Age Benefits, Survivor Benefits, Withdrawal Benefits, Education Benefits, Gratuity Benefits, Death Benefits, Disability Benefit.
2. What are regulations governing Social Security Services?
Social Security services for SMEs in Tanzania are regulated by the Social Security Regulatory Authority (SSRA) was established under the Social Security Regulatory Act No. 8 of 2008 (as amended by the Social Security Regulatory Authority Act No.5 of 2012), with the main
objective of regulating the Social Security Sector and providing for related matter. The Authority begun operates at the end of year 2010. In light of its legal mandate provided in the Act, the Authority plays an important role in regulating and supervising the provisions of social security services in the country. Other Laws guiding social security services include: The Social Security Laws (Amendments) Act of 2012, Social Security Regulations of 2009, The Social Security Schemes (Membership Registration Guidelines of 2013, The Social Security Schemes (Security of Electronic Information) Guidelines of 2014, The Social Security Schemes Investment Guidelines, 2015, The Social Security Schemes (Pension Benefit Harmonization) Rules of 2014, The Social Security Schemes Totalization of Periods of Contribution) Guidelines of 2014, Social Security (Conduct of Affairs of the Boards of Trustees of Schemes) Guidelines, Social Security Schemes (Conduct of Affairs of the Annual Members Conference) Guidelines of 2014, Security Schemes (Annual Reporting) Guidelines of 2014, Social Security (Schemes Conduct of Actuarial Services) Guidelines, 2012, The Social Security Schemes (Interoperability) Guidelines of 2014, The National Social Security Policy, 2012, Value Added Tax (General) Regulations of 2015 and The Value Added Tax Act, 2014 Arrangement of Sections,
The Public Service Pensions Fund is a social security scheme established by Public Service Retirement Benefits Act No. 2 of 1999.Membership to the Fund is open to any person who has been employed in the formal and informal sector. Previously, the Fund was established to manage a defined benefit scheme. However, amendments made by law extended membership of the scheme to include employees of formal and informal sector who are not registered under any other scheme. The aim for amendments is to extend social security services to everyone.
Scheme: The Fund is operating two schemes; the main scheme and the supplementary scheme and each one has its own terms. The former is a defined benefit social security scheme operating on social insurance principles while the latter is a defined contribution scheme.
Services/Benefits: Benefits Offered for Mandatory Scheme-Old Age Benefits, Invalidity Benefits, Survivor’s Pension, Death Gratuity, Funeral Grant, Maternity Benefits, Withdrawal Benefits, Education loan, Start-up life loan
Benefits Offered for Supplementary Scheme-Educational Benefits, Benefits of Entrepreneurship, Old Age Benefits, Invalidity Benefits, Death Gratuity, and Withdrawal Benefits.
5. PPF Pension Fund (PPF) House, Samora Avenues,
Following the enactment of the Social Security Regulatory Authority (SSRA) Act 6 0f 2008,employees from all sector of economy or self employed can opt to become members of LAPF as opposed to the former practice where Fund’s coverage were determined by sector. Currently the Fund register members from local Government, Central Government, Parastatals, Private companies, International Organizations, on Governmental Organization (NGO) including self-employed who opt to join LAPF on voluntary basis.
Scheme:
Service/Benefit: (i) Invalidity Benefit-A member shall qualify for invalidity benefit if invalidity occurs at any point during his/her working life. However, a member who claims for this benefit must be certified to be disabled by Professional Medical Board. In computing invalidity benefits, a member shall be treated as retiree from gainful employment and shall be payable until she/he dies, (ii) Maternity Benefits- Cash benefit paid to LAPF female member upon giving birth to a child, It has been designed to complement the government cover under the Maternal, Child Health hospital related costs made by NHIF to its members, It replaces part of income lost by virtue of the member giving birth;
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Required Documents
a. Maternity benefit application form (LAPF/Ben. 3);
b. Copy of notification of birth or birth certificate;
c. Copy of bank identity card certified by the bank.
Eligibility
a. Member must be female;
b. Must have contributed to the Fund for 2 years;
c. Must have given birth to a child.
d. There must be a lapse of 3 years from the previous birth unless the baby passed away.
e. Application must be done within 90 days after the date of giving birth.
(iii) Funeral Benefits-is payable in case the deceased member.
a. Had contributed to the Fund for at least 6 months;
b. All contributions have been remitted to the Fund;
c. Applicant is appointed by close relatives of the deceased;
d. Application made within 60 days from the date of
Formally under Act No. 51 (R.E 2002), GEPF covered only government employees working under contractual terms and those who are not eligible for pensions under existing laws. The reforms taking place in Social Security Sector has necessitated the Fund to come up with new Act No. 8 of 2013 which gives a mandate to cover employees from every sector including self employed.
Scheme:
Service/Benefit: (i) Maternity Benefit-Maternity benefit is one of an important benefit offered by GEPF to compensate for the income loss of its women members which results from the child birth,
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(ii) Invalidity benefit- is paid to a member who has been declared by the medical Board to be permanently invalid and incapable of any normal gainful employment, (iii) Survivors benefits-Survivors’ benefit is paid when a member dies while in service. The surviving dependents of the member are paid survivors pension where deceased member had contributed to the Fund for a minimum period of 180 months or 15 years.
3. LAPF Pensions Fund
