By Kebba AF Touray
The Social Security and Housing Finance Corporation (SSHFC) in its 2022 activity report disclosed the completion of over six thousand affordable housing units which has benefited over six thousand people through its social protection services over the past 39 years.
This report was submitted and tabled by the Corporation’s officials before the Public Enterprise Committee (PEC) members of the National Assembly, for scrutiny, consideration, and adoption.
“We have been engaged in the provision of affordable housing and have grown to become the largest estate developer in the nation, after completing over 6,000 housing units in 39 years,” the SSHFC report indicated.
The SSHFC report further added the social protection services of the Corporation have supported over six thousand employers by providing access to these services that best suit the needs of their employees and businesses. ‘‘We support individuals to prepare them for their retirement by paying into a pension pot or settling aside their savings,” the report said.
The report highlighted that the Corporation’s investment portfolio has witnessed another 12 percent growth increasing it from D5.92 billion in 2021 to D6.59 billion in 2022 while the members’ fund grew by 8.33 percent to D7.8 billion during the fiscal year under review.
“With support from the Finance Ministry, the SSHFC established a new payment arrangement for the recovery of the D1.8 billion non-profit making state-owned enterprises (SOEs) and Gambia government loan portfolios,” the SSHFC report said.
The Corporation’s report continued to add that during the year under review, these loans remained outstanding except for the D168.5 million paid so far, adding that the available funds for investment could have been much higher, if not for the cumulative outstanding loans of D1.4 billion.
“The total amount of the Federated Pension Scheme (FPS) contributions received for the period under review was D307,099.00, compared to D243,648,000 in 2021,” the report said.
On the PFS benefits, claims, and refunds, the report averred that the PFS claims received in 2022 were 342 as compared to 236 in number in the 2021 PFS claims, and the payout amounted to D64,570,000 in 2022 compared to D55,596,000 in 2021.
According to the Corporation’s report, periodic pension payments in 2022 amounted to D146,065,000 as compared to D94,094,000 in 2021.
Concerning membership and registration under the National Provident Fund (NPF), the Corporation reported that total employer membership covered during the year ending 31 December 2022, was 6,833 from 6,402 in December 2021, adding that the membership increased by 5,818 from 146,316 in 2021, to 152,134 by the end of 2022. It reported that out of the 5,818 membership registrations for that year, 3,478 were males and 2,340 were females.
The SSHFC report further indicated that in 2022, total contributions received for the NPF were D439,157,000 when compared to D477,846,890.97 that was received in 2021.
The report said that the total NPF claims received in 2022, was 1,612 as compared to 1,401 in 2021 and that the total NPF benefits paid in 2022 was D117,048,000 as compared to D109,988,123.93 IN 2021.
“There was a 15.06 percent increase in the total number of NPF claims received from 2021 to 2022. This also had a corresponding increase of 6.42 percent in the total amount paid out as benefits to claimants,” the SSHFC report said.
