Watch: INSS investments still not profitable – Minister Diogo in Parliament

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Watch: INSS investments still not profitable – Minister Diogo in Parliament

1:10 CAT | 21 Jul 2016

TVM / Minister of Labour, Social Security and Employment of Mozambique, Vitória Diogo, in parliament yesterday.

The National Social Security Institute has investments worth 18 billion meticais distributed across at least eight companies, and earned dividends of just over 352 million meticais in 2015.

According to Minister of Labour, Employment and Social Security Vitória Diogo, some of these companies are not generating dividends and one has even been found to be involved in fraud, with the accountability process underway in court.

Yesterday was question time for the government, and Diogo was called upon to give an account of investments the INSS had made to ensure the social security system’s sustainability.

INSS investments are dispersed across at least eight companies including blue-chip companies like BIM bank, Beers of Mozambique (CDM) and the Mozambican Hydrocarbon Company (ENH). But among the companies are some that are not profitable, and the value of investments in these is being reviewed.

Addressing the inclusion of the informal sector in the state social security system, Diogo revealed that by June seven thousand workers had enrolled, against forecasts of only four thousand. With the new intake, the social security system now has more than 1.4 million beneficiaries.