Social Security Commission - Windhoek, Namibia

The mandate of the SSC is the various funds established by the Social Security Act or any other fund which administration is assigned to it. For this purpose, SSC must open a current account for every fund is administers. The books of SSC are audited annually by the Auditor-General to ensure that members' contributions are properly utilised for the approved purpose. Every year, the Minister of Labour and Social Welfare tables the financial statements and reports in Parliament to inform the nation about the work and achievements of SSC. SSC derives its funds from membership contributions through compulsory payroll deductions from every employee receiving a basic wage, as well as from assessments paid by employers based on the wage bill and the nature of the industry. The responsibility of  

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registration and payment of contributions is vested with employers and they are encouraged to ensure compliance at all times. The funds received from contributions and assessments are utilised for the payment of benefits and meeting administration costs. The net surplus of contributions above benefits and administration costs paid is invested in a diverse range of financial instruments at different financial institutions within and outside Namibia. The investment strategies of SSC are guided by an Investment Policy and overseen by an Investment Committee of the Board.