The Local Authorities Pension Fund (LAPF) has said it will change the members’ benefits computation methods to facilitate timely payment upon their retirement.
Addressing reporters in Dar es Salaam at the weekend, LAPF Director General Eliud Sanga, said the changes are aimed at checking delays associated with processing of benefits for members at retirement age.
“In a bid to ensure that members receive their benefits on time, that a new computerised accountancy system would be introduced to process the benefits in a short period instead of the current manual computation,” he said.
The LAPF boss also noted that the fund members would benefits from loans extended through the local councils countrywide.
The loans are pegged at lower interest rates compared to those charged by other financial institution, he observed.
In another development, the fund has introduced a pension facility to citizens in the informal sector.
In the past, it way only employees in the formal sector who benefited from the social security schemes.
Sanga also highlighted a plan by LAPF to put up a 47bn/- building in Dodoma in a bid to solve shortage of office spaces in the country’s designated capital.