The National Social Security and Welfare Corporation or NASSCORP for short, has emerged as one of the success stories under the Ellen Johnson-Sirleaf’s regime- at least in terms of infrastructure development and the execution of its mission-providing future financial security for those under the scheme.
Plagued by corruption and manipulations under previous administrations which led to its stagnation, NASSCORP, under this regime though not 100% perfect have strived to ensure that the goals for which it was established are achieved.
As an autonomous public institution charged with implementing three schemes designed to provide social security protections to eligible formal sector workers, NASSCORP has under the Mrs. Sirleaf’s regime and through its current management team headed by Director General Dewitt vonBallmoos made some significant gains towards this end.
These gains are just in line with its mission, which is providing future financial security for those under the schemes – employees of both the public and private sectors of the country in the event of occupational injury, old age, invalidity or death.
Thus in ensuring that its goals and objectives are met, NASSCORP has over the years during the Mrs. Sirleaf administration speed up its investment portfolios and embarked upon several investments aimed at generating additional income to guarantee the settlement of claims.
Among these investments are construction of low income housing units, modern office facilities, a medical diagnostic Center located at the ELWA junction, regional hubs and sound investments into other ventures.
NASSCORP’s current real property represents 72 percent of its portfolio, this includes the Commercial Complex at the ELWA junction housing the Liberia Revenue Authority and residential properties in Grand Bassa County and a 16 bed room guest house in Lofa County. At present, NASSCORP is undertaking several projects to add to its belts under the Mrs. Sirleaf regime.
Among these projects under construction is the NASSCORP Headquarters on 24th Street in Sinkor. This building is expected to provide an ideal environment for the work of the corporation. Each floor of the building will host the various divisions and departments within NASSCORP. The other is the Medical diagnostic center located at the ELWA junction and of course the corporation recently handed over its regional hub in Kakta, Margibi County.
Though NASSCORP is yet to complete its headquarters building on 24 Street, the corporation as part of its corporate social responsibility has provided relief to some thousands of residents in the area by paving its dilapidated street with concrete. “Inching towards the end of this administration, with democratic elections expected in October, we will do our utmost to complete ongoing projects-the 24th Street Headquarter project…to form part of government deliverables,”Mr. vonBallmoos said.
In addition to these constructions, the state own institution has demonstrated a sound management. At the close of 2016, Mr. vonBallmoos reported that NASSCORP recorded an income surplus of US$6.95 million. He said the money was pumped into the corporation’s reserves for long term benefit and investments. During the same year, vonBallmoos said NASSCORP paid out US$5.48million to 8,283 beneficiaries, reflecting its reliability as a pension fund manager. He said the payout amounted to an increase of 20.1% over 2015.
“The year 2016 was a good year for the corporation,” he said. “…the corporation accomplished most of its target,” he added. During that year, according to vonBallmoos, NASSCORP commenced the implementation of the minimum floor of US$360 per annum benefit payout to beneficiaries as was announced at the closed of the previous year.-To be continued.
By Othello B. Garblah