EFFECTIVENESS OF MERGING SOCIAL SECURITY FUNDS ON LIVELIHOOD OF OLDER PEOPKLE IN TANZANIA:

Abstract

This study assessed the Effectiveness of Merging Social Security Funds on the Livelihood Of Older People In Tanzania. A Case of Public Service Social Security Fund (PSSSF), Mbeya. It specifically examined the criteria for harmonization of multiple social security funds to a unified social security fund in Tanzania, assessed the effects of transformation from multiple to a unified social security fund to the livelihood of retirees in Tanzania, and the procedures for obtaining retirement benefits from multiple to a unified social security fund in Tanzania. The study deployed a mixed research approach and multiple case study design in particular. A sample size of 150 respondents was selected through convenience and purposive sampling techniques and used in the study. Data were collected through interviews, questionnaires, and documentary review methods. The Content/ Thematic was employed for qualitative data analysis and Statistical Package for Social Science was deployed for quantitative data analysis. The findings of the study indicate that the effects of transformation are the satisfaction of employees' serves, reduction of Social Security Fund operating cost, rise of employees' morale, increase of the membership base, an increase of contributions that boost the cash flow, and individual income increase. The findings also indicate confirmation of personal details, picking up retirement data, completing retirement applications as well as timeline. Moreover, the study findings indicate that there was an approval of members by the Social Security Fund as they were required to submit all the required documentation per the forms issued by the Social Security Fund, guarantee monthly deductions, duration of the ban will vary depending on the loan amount as well as does not require the pensioner to provide any tangible security. The study concludes that, apart from the benefits received by the pensioners and other beneficiaries, social security enhances the socioeconomic development of the country through Corporate Social Responsibilities (CSR). The study recommends that the government of Tanzania should reinforce measures to strengthen Social Security Fund to enhance total adhesion to pension funds schemes for all workers in both formal and informal economic sectors.