In a bold step toward improving social security coverage and financial inclusion, the National Social Security Fund (NSSF) has announced the launch of several new initiatives designed to benefit workers across various sectors of the economy.
The NSSF, which plays a vital role in providing social security to the workforce, has introduced a series of reforms aimed at expanding its coverage, increasing transparency, and promoting financial literacy among contributors.
These changes come as part of a broader effort to modernize the social security system and make it more accessible to informal sector workers.
The NSSF is committed to increasing its presence in the informal sector by recruiting more members to the fund to rebrand and make the fund more accessible to workers across all sectors of the economy.
The informal sector, which has traditionally been underrepresented in social security schemes, will be targeted through outreach programs aimed at educating workers on the importance of saving for retirement.
By bringing more individuals into the system, NSSF hopes to expand its base and ensure broader financial inclusion.
As part of a pilot program, NSSF will be rolling out mobile-based enrolment systems to enable individuals in remote and underserved areas to easily register and contribute.
Further NSSF has embarked on automation of its processes to increase its contributions and efficiency in managing the members’ funds.
By leveraging technology, the Fund aims to bridge the coverage gap that has left millions of informal workers without social security benefits.
Speaking during an evaluation exercise at the NSSF headquarters, the Deputy Chief of Staff in charge of delivery management in the executive office of the president, Mr. Eliud Owalo, said NSSF had committed to turn around its operations in the fiscal year 2023/2024 by way of reducing time taken in processing members benefits, ensuring that retirees receive their funds more quickly.
Mr. Owalo said the government is committed to enhancing performance contracting and delivery by rewarding and recognizing well performing Ministries, Departments and Agencies (MDAs), underscoring the importance of meeting the set targets.
The NSSF Chief Executive Officer (CEO) Mr. David Koros expressed gratitude to the Kenya Kwanza government saying the government was committed in supporting the growth of NSSF in ensuring all Kenyans are served promptly.
As part of the modernization process, the Fund is also working on implementing advanced digital platforms to streamline contributions and claims processes, reducing administrative costs and improving efficiency.
In addition to faster processing times, NSSF intends to boost the returns on members contributions by generating innovative and competitive opportunities.
The Fund plans to diversify its portfolio to achieve higher returns, benefiting contributors eventually.
With these new initiatives, NSSF aims to strengthen its role in providing social security for all workers, especially as the need for a robust social safety net continues to grow across different sectors of the economy.