Tanzania: Psssf wins best financial statement award
The Civil Service Social Security Fund (PSSSF) won the prize for the best presentation of the financial statements for the year 2020 in the category of social security and health funds.
PSSSF won an important award at an annual event held on Friday evening in Dar es Salaam. The event was organized by the National Council of Accountants and Auditors (NBAA).
The objective of the award is to recognize, encourage and promote best practices in the preparation of financial statements in the country.
Entities participating in the competition were classified into the categories of banks, financial institutions, insurance companies, pension funds, manufacturing entities, commercial and distribution entities, and government ministries, departments and agencies.
The other categories were regulatory authorities, regional secretariats, telecommunications and media, local government authorities, service industries including utilities and educational institutions and. Non-governmental organizations (NGOs).
Speaking after receiving the award, PSSSF’s Director of Finance, Beatrice Musa-Lupi, said the victory indicated that the Fund adheres to professionalism, including meeting international criteria defined in the preparation of financial statements.
âThis victory not only shows that we strictly adhere to established international standards when preparing our financial statements, but also indicates that we have knowledgeable staff at PSSSF,â she said.
She explained that the award they won sends a signal to the general public that the Fund professionally and carefully handles member contributions and other finances, a situation which builds members’ confidence, with the Fund deserving great respect in the country.
She assured the PSSSF members of the security of their contributions, including transparency in the oversight and management of the PSSSF’s assets.
“This victory gives our members a reliable future or ‘secure tomorrow’ as our slogan says: we are together today and tomorrow,” said Ms Musa-Lupi.
The Public Service Social Security Fund is a social security scheme established by the Public Service Social Security Act 2018. Its main objective is to collect contributions and payment of end-of-life indemnities to public service employees.
The PSSSF was created after the repeal of several laws, including the law on public service pension benefits, the law on the LAPF pension fund, the law on the GEPFR pension fund and the law on the pension fund. PPF pension.
The PSSSF ensures that all public service employees receive their retirement benefits. The mission of PSSSF is to provide high quality social security services using competent and motivated staff and appropriate technology.