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SNPF worth about E2 billion

26/05/2012 00:00:00 ZWELAKHE MOAHLOLI
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stories BY ZWELAKHE MOAHLOLI

 

MANZINI – The Swaziland National Provident Fund (SNPF) is worth approximately R2 billion.

This was disclosed by the Fund’s Chief Executive Officer Prince Lonkhokhela during the introduction of a new Board of Directors.

The Board to be headed by Jobe Mashwama was introduced by the Minister of Labour and Social Security, Lutfo Dlamini.

Prince Lonkhokhela noted that the Fund had grown significantly over the past five years.

In 2006, the CEO said SNPF was worth approximately E300 million while to date it is estimated to be worth E2 billion.

He said the Fund was able to achieve such growth through the guidance of the outgoing Board. However, he did not elaborate further on how the growth was attained.

"I would like to report that we did better even this year," Prince Lonkhokhela, reported to the minister.

He said contributions increased from E74 million in 2006 to E128 million in 2011.

Notably, members’ interest also indicated a growth from E40 million in 2006 to E131 million last year.

Claims

During the last financial year, the CEO highlighted that claims stood at E64 million compared to E34 million that was recorded in 2006.

Prince Lonkhokhela told the minister that even though the country was faced with economical and fiscal challenges, the Fund had recorded a total income of E202 million in the last financial year. In 2006, the total income was E164.

"I am proud to report to you that we were able to decrease administration costs," he said without giving statistics in percentages.

In 2006, Prince Lonkhokhela said the costs amounted to E52 million, and have dropped to E38 million.

The CEO said the Fund was engaged in a major project of constructing a parkade in Manzini.

The multi-million Emalangeni new structure is situated along Ngwane Street, near the Estel House.

 

"This building will be an icon of the city. Regarding this structure, everything is moving according to plan.

"We have not incurred any escalation costs so far. The Board had emphasised that it does not want to incur any additional costs," he said.

Prince Lonkhokhela said SNPF was working tirelessly towards the conversion of the Provident Fund to a pension fund.

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