Nairobi, Kenya
Social security provider, National Social Security Fund (NSSF) has embarked on a strategic rebranding exercise to set the stage for its institutional transformation in a move to shed off its infamous public perception.
The rebranding exercise which heralds a new dawn for the statutory social security fund started in earnest early this month with a series of internal communication activities to prime the more than 1600 NSSF staff to embrace a new customer centered service delivery spirit, saying that the new look will ensure resonance with its clients and staff.
Speaking during the launch of the new NSSF corporate identity system, NSSF Acting Managing Trustee Tom Odongo said the effort to transform the fund is now in high gear.
The new corporate identity system, to be anchored on a new logo and slogan: Growing you. For good, Odongo affirmed that NSSF has moved to shed its old infamous public perception which will be replaced by the spirit of a new NSSF.
“The rebrand of NSSF today, showcases our corporate resolve to transform into one of the world’s best run and managed social security fund focusing on service delivery as our core mandate,” Odongo explained.
He added: “though epitomized by the new identity system, the spirit of the new NSSF will be championed by the commitment of our staff, Board of Trustees and all our stakeholders.”
The ongoing NSSF Rebranding process will be rolled out progressively across NSSF branches countrywide. In its last financial year statements (2011), NSSF performed well returning a net increase in Scheme Funds of Kshs.11.6 billion anchored on stable returns from investment incomes and a 7% growth in contribution revenues.
The fund’s 2011 results reflected a Net Assets growth of 12% to stand at Kshs.110.4 billion, up from Kshs 98.6 billion posted the previous year. Following the rebrand, NSSF is now all set to host its historical Annual General Meeting (AGM) on 17th of this month to further confirm the adoption of new corporate governance practices.
“The tenets of good corporate governance as per global standards require that institutional platforms such as AGM’s be employed to keep our stakeholders abreast and we are glad to be hosting the first ever NSSF AGM,” Odongo said.
“NSSF is currently not bound by law to convene such an AGM but the new Board of Trustees and Management have seen prudently and fit to move in this direction as part of a wider Integrity benchmarks achievement.”
Among other elements, stakeholders including NSSF members shall during the AGM get a firsthand glimpse on NSSF’s financial statements and investment mix.
During the AGM set to be held at the Moi International Sports Centre (Kasarani) Plenary Hall, the delegates shall also be afforded an opportunity to engage with the Board as well as hear out a presentation by the Retirements Benefits Authority.
In recent weeks, NSSF has been actively engaging various stakeholders in view of mopping support for the proposed NSSF Transformation Bill 2012 set to be tabled in parliament in coming months. Already, NSSF has received the backing of both the Federation of Kenya Employers (FKE) and the Central Organisation of Trade Unions (COTU) in its bid to facilitate a smooth sail for the draft National Social Security Bill 2012.
NSSF’s transformation bill is consistent with Government policy and the tenets of the new Constitution of Kenya (Section 43) which gives every Kenyan a right to social security.
The draft bill seeks to expand NSSF’s coverage and enhance the range of benefits within reasonable economic grounds. If it sails through, the NSSF transformation bill will also help mobilise national savings as the rates of contribution to the new Pension Fund will be at 12% of pensionable earnings (basic earnings) split, at a 50:50 ratio, between the employee and employer.
Currently, the Transformation bill outlines a range of Provident and pension benefits for its members. Among others, NSSF members will enjoy pension benefits payable under the Pension Fund such as a Retirement and Invalidity pension.
Members will also enjoy a range of benefits including Survivors benefit, Funeral grants and Emigration benefits. Under the provident fund, a member is eligible for the benefit upon retirement or upon attaining the age of 50 years.
