THE Public Service Social Security Fund (PSSSF) is on track to reach an impressive value of 10trn/- by July this year, pledging to expand investments in profitable projects to generate returns for its members and retirees.

The projection was revealed yesterday by the PSSSF public relations and education manager, Yessaya Mwakifulefule, during his address at the Tanzania Editors Forum (TEF) General Meeting in Songea, Ruvuma Region.

Mwakifulefule shared that the fund’s current value stands at 9.6trn/-, which marks a considerable achievement for PSSSF, which has been consistently growing since its establishment in 2018.

“We are proud of the progress we’ve made since the fund’s inception. From a value of just a few trillion shillings, we have managed to grow it significantly,” he said.

Another notable achievement shared by Mwakifulefule was the increase in the number of retirees benefiting from the fund. Since its creation, the number of retirees has grown from 124,000 in 2018 to 176,000 this year, with more retirees expected as the fund continues to expand. 

He also dispelled rumours circulating on social media regarding the premature death of retirees, affirming that PSSSF has been successfully supporting its retirees with stable benefits.

“The fund continues to support its retirees, and we are committed to providing them with the benefits they deserve. These claims about retirees passing away early are not true,” he said. The fund is in a strong financial position and will continue to meet the needs of our retirees,” he said.

One of the key changes this year is an increase in the pension amount. PSSSF raised the monthly pension for retirees, with those previously receiving 100,000/- now receiving 150,000/-, an increase of 50 percent. The pension increase reflects the fund’s commitment to helping retirees keep up with inflation, ensuring they can live more comfortably in their post-retirement years.

“Our slogan is ‘save today and tomorrow,’ and we stand by it. As long as you are a member, we will be with you throughout your life. The increase in the monthly pension is part of our effort to ensure our retirees can cope with rising costs of living,” he said.

In addition to improving benefits for retirees, PSSSF has been diversifying its investments. The fund owns shares in several successful projects. The investments play a crucial role in ensuring the financial stability of the fund, enabling it to pay generous benefits to its members and retirees.

He also called on editors and journalists to help promote the importance of waiting until the legal retirement age to access benefits. He emphasized that those who wait for the full retirement process tend to live longer and healthier lives, thanks to the regular pension payments they receive.

“We urge the public to refrain from taking early benefits. Those who have waited to retire at the legal age have experienced healthier and happier lives. This is the message we want you, the media, to share with the public,” he said.