Africa-Press – Namibia. THE Government Institutions Pension Fund (GIPF) has invested N$956,6 million in the Otjozondjupa region, with about N$20 million going into the solar rooftop at the Grootfontein shopping mall and N$253,1 million financing 451 home loans at the town.
This was said by the chairperson of the GIPF board of trustees, Nillian Mulemi, at the official opening of the fund’s satellite office at the town last week.
“This is in line with the town’s vision to be the great fountain for socio-economic health and vibrancy for residents, investors and visitors, as we believe in the potential of the town to become an economic hub,” she said.
Mulemi said no region, town or village is without GIPF members, and with the growing membership base which currently stands at over 146 000 members (active and annuitants), the fund is proud to bring services closer to over 5 000 GIPF members residing at Grootfontein and surrounding areas.
She added that while Covid-19 and the war in Ukraine had caused uncertainty, the fund had adapted rapidly to prevailing economic conditions. “As a result of the fund’s robust investment strategy, we continue to perform well, and our assets stood at N$147,9 billion as at the end of January 2022.
“It is crucial that I mention that the fund’s large liability to members is paid from this asset base. This liability is a result of the benefits/claims paid exceeding the contributions received.
She said the Grootfontein office will attend to pension inquiries, give advice on pensions, conduct biometric registration and verification, give out benefit and income statements and facilitate the submission of claim forms and supporting documents.
Mulemi said GIPF had improved services and benefit payment turnaround times. “Funeral benefits have improved from 12 hours to seven hours, while retirement benefits can be paid in nine days, down from 30 days, and death benefits are now paid in seven months, down from 12 months,” Mulemi added.
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