Tanzania: Invest in Industries, Pension Funds Told

Posted on :Wednesday , 24th August 2016

Arusha — As Tanzania treads its path to industrialisation, social security funds have been urged to invest in industries.

The minister of State in the Prime Minister's Office (Policy, Parliament, Labour, Employment, Youth and the Disabled), Ms Jenista Mhagama, says industrialisation forms a fundamental linchpin to the fifth phase government's plans for the country's economic transformation

Ms Mhagama said this on Monday during a meeting with board directors and members of the pension funds in Arusha.

She also instructed the social security funds to ensure retirees get their rightful benefits on time.

She said some retirees from the public service were unhappy with the services they receive upon processing and disbursements of their benefits.

There are reports that some retirees are burdened with the task of making endless trips to the offices of the pension funds in pursuit of their rightful benefits.

On industrialisation, the minister insisted that investing in industries would greatly help create employment opportunities for the youth and boost the economy.

She said the pension funds should join forces with the government in turning around the country's economic fortunes by investing in the industrial sector.

"You should sit down and share ideas on various challenges facing the industrial sector, and cooperate with the government in reviving the defunct plants," she advised.

The pension funds promised to work on the minister's challenge

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