Social Security provider, National Social Security Fund (NSSF) has embarked on a re-branding exercise as part of NSSFs institutional transformation. The re-branding exercise started early this month with a series of internal communication activities to get the more than 1600 NSSF staff to embrace a new customer centered service delivery spirit.
NSSF Acting Managing Trustee Tom Odongo says NSSF will invest in the roll out of the new Corporate Identity System to ensure resonance with its clients and staff. Among other elements, the new NSSF brand highlights the Fund’s commitment to maintain world-class corporate governance standards, adopt cost effective information communication technology solutions and enhance customer service delivery. NSSF will among other things change its logo and slogan to Growing you. For good.
AGM
NSSF is set to hold an Annual General Meeting (AGM) on 17th of this month, the first one in 47 years, to further confirm the adoption of new corporate governance practices.
“NSSF is currently not bound by law to convene such an AGM but the new Board of Trustees and Management have seen prudently and fit to move in this direction as part of a wider Integrity benchmarks achievement.” Odongo said.
Among other elements, stakeholders including NSSF members shall during the AGM get a firsthand glimpse on NSSF’s financial statements and investment mix. During the AGM set to be held at the Moi International Sports Centre plenary hall, the delegates shall also be afforded an opportunity to engage with the Board as well as hear out a presentation by the Retirements Benefits Authority.
In its last financial year statements (2011), NSSF made a net increase in Scheme Funds of KES.11.6 billion. This was anchored on stable returns from investment incomes and a 7% growth in contribution revenues. The fund’s 2011 results reflected a Net Assets growth of 12% to stand at KES 110.4 billion, up from KES 98.6 billion posted the previous year.
In recent weeks, NSSF has been actively engaging various stakeholders in view of mopping support for the proposed NSSF Transformation Bill 2012 set to be tabled in parliament in coming months. If passed, the bill will increase rates of contribution to the new Pension Fund to 12% of pensionable earnings (basic earnings) split, at a 50:50 ratio, between the employee and employer. The current rate is a maximum of KES 400 per month.