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{
    "id": 1370041,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1370041/?format=api",
    "text_counter": 123,
    "type": "speech",
    "speaker_name": "Thika Town, UDA",
    "speaker_title": "Alice Ng'ang'a",
    "speaker": null,
    "content": " Thank you, Hon. Deputy Speaker. Hon. Kahangara Mburu requested a statement regarding the administration and management of the National Social Security Fund (NSSF) on the Floor of the House on 22nd November 2023. I hereby respond and state that the Committee on Social Protection wrote to the Fund's Chief Executive Officer on 24th November 2023 requesting the information sought by the Hon. Member. The Fund responded in a letter addressed to the Committee on Social Protection on 1st December 2023, on the measures that have been put in place by the Board of Trustees of NSSF to ensure effective management of the Fund. The NSSF stated as follows: 1. That the Board is established under Sections 5 to 14 of the NSSF Act of 2023, which has clear provisions on the composition of the board, its responsibilities, powers, issues of conflict of interest and committees of the Board. 2. That the Board is strictly in compliance with the provision of the Act, specifically Sections 50, 51, 52 and 71. 3. That the Board has in place robust governance structures with the following independent committees: The Social Security Committee, which deals with finance and investments; the Human Resource Committee, which entails legal and strategy; and the Audit and Risk Committee. Regarding Question No 2: Mechanisms that the Board has put in place to ensure public participation and involvement of stakeholders in the decision-making process, the NSSF stated as follows: 1. That the NSSF Board is tripartite, comprising two representatives of employers' organization and two representatives of worker's organization; the Principal Secretary National Treasury, the Principal Secretary of the Ministry of Labour and Social Protection, an independent chairperson, and two other independent members who represent the public interest. 2. That the NSSF holds an annual general meeting where key stakeholders, including the Government, employers and workers are usually present. The next AGM will be held this month. 3. That the NSSF has an online and e-service platform where the Fund engages with its stakeholders. 4. That the NSSF has eight regional offices, 59 NSSF branches and a presence in 52 Huduma Centres across the country. Regarding Question No.3: Administrative structure that the Board of Trustees has put in place to guarantee no conflict of interest in the management of the said Fund, the NSSF stated as follows: 1. That the Board is responsible for appointing the Managing Trustee of the Fund as provided under section 15 of the NSSF Act 2013. 2. That there are six divisions, each headed by a general manager, and 19 departments, each headed by a manager. Regarding Question No.4: The current financial statement and economic viability of the Fund. Funds investment in a fixed asset, including building and land. The NSSF stated as follows: 1. That the allowable exposure to real estate is 30 per cent per the Retirement Benefit Act. The Fund currently has a fund real estate exposure of 13 percent, meaning that it is underweight on the property. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor"
}