Social Security Commission posts N$328 million surplus
Elizabeth KheibesWINDHOEK
The Social Security Commission (SSC) has recorded a net surplus of N$328 million for the 2024 financial year, up from N$243 million in 2023, demonstrating strong financial management and the continued sustainability of worker benefits, a government audit report shows.
In his report on the SSC and associated funds for the year ended 29 February 2024, auditor-general Junias Kandjeke highlighted that the commission’s financial growth comes despite ongoing economic pressures.
The SSC administers crucial funds such as maternity, sick leave and employment compensation benefits, which are vital to thousands of Namibian workers.
“The commission has achieved a record surplus for the year, demonstrating effective management and the resilience of its financial position in the face of economic challenges,” Kandjeke stated.
The N$328 million surplus represents an increase of N$85 million from the previous year, supported by growth in insurance revenue, prudent investments and controlled operating expenses, auditors found.
The total insurance and investment result for 2024 amounted to N$451.7 million, which, according to Kandjeke, reinforces the commission’s ability to generate returns that sustain its mandate.
The audit report emphasised that this surplus strengthens the SSC’s ability to meet its obligations to contributors while maintaining benefits such as medical and pension support.
Hard work pays off
SSC CEO Milka Mungunda told Namibian Sun this week she was satisfied with the auditor-general’s assessment.
“I was just checking through the auditor-general’s report of the Social Security Commission, and it looks good. The overall assessment was very good,” Mungunda said. “Since joining Social Security in 2016, we revisited all previous reports, identified the challenges, and worked hard to be compliant, improve our systems and address issues. From that perspective, this positive auditing feedback is very encouraging.”
Mungunda added that the commission continues to enhance its operations and investment strategy while also working to improve the public perception of the SSC.
“There are a lot of positive things that we are doing, and this is one of them. We don’t often publicise ourselves, but we are making meaningful improvements,” she said.
The SSC’s accumulated funds rose to N$4.65 billion by the end of February 2024, up from N$4.32 billion in 2023. Kandjeke noted that this growth in total funds illustrates the commission’s long-term stability and its capacity to absorb potential risks.
The Social Security Commission (SSC) has recorded a net surplus of N$328 million for the 2024 financial year, up from N$243 million in 2023, demonstrating strong financial management and the continued sustainability of worker benefits, a government audit report shows.
In his report on the SSC and associated funds for the year ended 29 February 2024, auditor-general Junias Kandjeke highlighted that the commission’s financial growth comes despite ongoing economic pressures.
The SSC administers crucial funds such as maternity, sick leave and employment compensation benefits, which are vital to thousands of Namibian workers.
“The commission has achieved a record surplus for the year, demonstrating effective management and the resilience of its financial position in the face of economic challenges,” Kandjeke stated.
The N$328 million surplus represents an increase of N$85 million from the previous year, supported by growth in insurance revenue, prudent investments and controlled operating expenses, auditors found.
The total insurance and investment result for 2024 amounted to N$451.7 million, which, according to Kandjeke, reinforces the commission’s ability to generate returns that sustain its mandate.
The audit report emphasised that this surplus strengthens the SSC’s ability to meet its obligations to contributors while maintaining benefits such as medical and pension support.
Hard work pays off
SSC CEO Milka Mungunda told Namibian Sun this week she was satisfied with the auditor-general’s assessment.
“I was just checking through the auditor-general’s report of the Social Security Commission, and it looks good. The overall assessment was very good,” Mungunda said. “Since joining Social Security in 2016, we revisited all previous reports, identified the challenges, and worked hard to be compliant, improve our systems and address issues. From that perspective, this positive auditing feedback is very encouraging.”
Mungunda added that the commission continues to enhance its operations and investment strategy while also working to improve the public perception of the SSC.
“There are a lot of positive things that we are doing, and this is one of them. We don’t often publicise ourselves, but we are making meaningful improvements,” she said.
The SSC’s accumulated funds rose to N$4.65 billion by the end of February 2024, up from N$4.32 billion in 2023. Kandjeke noted that this growth in total funds illustrates the commission’s long-term stability and its capacity to absorb potential risks.
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