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Vision : To be the Social Security Provider of Choice

NATIONAL SOCIAL SECURITY FUND 2013-14 PERFORMANCE September 30 th , 2014. Vision : To be the Social Security Provider of Choice Mission: Quality Products. Great Customer Service. Competitive Returns. Values: Customer Centric. Innovation. Integrity. Teamwork. Efficiency.

lynn-holman
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Vision : To be the Social Security Provider of Choice

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  1. NATIONAL SOCIAL SECURITY FUND 2013-14 PERFORMANCE September 30th, 2014. Vision: To be the Social Security Provider of Choice Mission: Quality Products. Great Customer Service. Competitive Returns. Values: Customer Centric. Innovation. Integrity. Teamwork. Efficiency

  2. The last year has seen the fund continue to grow in all dimensions • The engine of growth has been: • Relationship Management improved compliance, • Prudent aggressiveness investment led to higher revenues • Efficiencies led to better cost management • Robust Customer relationship led to higher satisfaction • Clarity of direction led to higher staff performance & satisfaction

  3. Powered by the Relationship model of management • Year on year, compliance improved from 73% to 77% leading to improved contribution. This is up from the compliance rate 49% four years ago. • Average monthly contribution improved from UGX 46 billion in 2013 to UGX 53 billion in 2014. This is up from UGX 28 billion monthly of four years ago. • The Fund grew by more than 27% (UGX 1 trillion) over the last year, and 5% better than budget. Fund size doubled over the last three years. Fund size is now UGX 4.4 Trillion. • The Fund is fully funded. Assets are more than adequate to cover member liabilities. There is Increased confidence in the Fund

  4. Revenue, Cost & Interest to Members Trends • In the midst of tough economic times, aggressive but prudent investment strategy led to underlying revenue growth of more than 26% (UGX 100 billion), and 3% better than budget. Underlying realized income reached UGX 494 billion. • Efficiencies and cost management strategies led to higher productivity. Total costs actually declined by 13% during the year and yet revenues went up, leading to positive jaws. • The result is that members received more value, as more and more of the income was credited back to members. • Cost income ratio is at 15%, better than 55% of the banking industry average. • Cost of administration is at 1.5% better the global average of 2.2% of similar sized funds.

  5. Benefits paid increased by 18% to 165Bn • Number of beneficiaries paid, increased by 11% to 11,000 per year. • Only 3% paid to survivors. 95% paid to living members • Benefit turnaround time improves to 10 days from a high of 105 days. NSSF is paying more within a very short time.

  6. We are providing our memberswith customer service experience that is not just the best but is becoming legendary 2014 82% 2010 49% Customer satisfaction rating.

  7. Results: Staff satisfaction up to 77% from 60%. • Improve staff competence-training • Improve organizational performance culture-review and aligned reward to performance. • Instill pride in staff.

  8. Implemented The results • Effective Board Oversight thru the Board Audit Committee and Internal Audit Department • Policies & Procedures in place • Functioning Whistle blower framework • Awareness campaign among staff and members • Consequence management: Zero tolerance for internal fraud & bribes. • Streamlined processes • Unqualified Audit Opinion • Reduced, significantly, opportunities for fraud: • - Less payment of fraudulent claims • - Less incidences of internal fraud. • Ownership of Risks by all staff • Better service to members. • Less proven scandals

  9. NSSF is leading the pack: In the top 10 of best 100 East Africa Countries on Go Runner up on Financial Reporting – Public Sector ISSA Winner on innovation ICT Winner 2013

  10. NSSF Uganda has become the regional becnhamrk. The following have come and leant from us. • Kenya Local Authority Pension Fund – November 2013 • Tanzania Public Pension Fund – February 2014 • Tanzania NSSF – June 2014 • Tanzania Medical Retirement scheme • Zanzibar Local Pension Fund November 2014 • Burundi Retirement Fund – July 2014

  11. Customers Return to members interest of 10 yr inflation +2% Additional products & Services to members Financials Grow Net Return on Assets to 13.4% Manage costs to Expense ratio of 1.4% Business Process Improve Benefit Turnaround time to 5 days Maintain “Satisfactory” compliance & audit ratings People & Systems Improve staff satisfaction to 90% Automate 90% of core business process

  12. For A better future

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