The National Social Security Institute’s (INSS) reserve fund surpassed the 63.2 billion meticals mark, around one billion dollars in June, more than doubling the amount recorded over the last five years, Lusa reported .
During the INSS national meeting, held in Maputo, the deputy minister of Labour and Social Security, Rolinho Manuel Farnela, revealed that investment income exceeded forecasts during the five-year period, resulting in an accumulated execution of 127%.
“Between 2020 and the first half of 2024, the Reserve Fund grew from 34 billion meticals (536 million dollars) to approximately 72 billion meticals (1.1 million dollars), surpassing the 1 billion dollar mark,” he said.
Rolinho Manuel Farnela also highlighted the approval of the new Investment Policy and Strategy 2021-25, which establishes the principles and criteria for INSS investments, defining new levels of allocation and expected return for each financial instrument.
“Between 2020 and the first half of 2024, the Reserve Fund grew from 34 billion meticals (536 million dollars) to approximately 72 billion meticals (1.1 million dollars), surpassing the 1 billion dollar mark”
During the period under review, the government planned to enrol 67,000 taxpayers and 457,927 beneficiaries. To date, 61,863 taxpayers and 406,989 beneficiaries have been enrolled, achieving 92.3 per cent and 88.9 per cent of the targets, respectively. The system currently has 2,610,356 beneficiaries and 179,797 contributors.
“With regard to self-employed workers, the target was to enrol 20,000, but by March 2024 29,818 had been registered, representing an execution of approximately 149.1 per cent. There are currently 51,196 self-employed workers in the system, of whom 8,948 are active, corresponding to 17 per cent of those registered,” the government revealed.
According to the information, the INSS managed to recover more than seven billion meticals (110 million dollars) in debts between January 2020 and May 2024, surpassing the five-year target of 5.9 billion meticals (94 million dollars) and registering a growth of 135.74 per cent over the previous five-year period.
Rolinho Manuel Farnela warned of the negative impact of the contribution debt, which jeopardises the rights of workers and their families. The government intends to step up inspections of companies to ensure proper collection and to combat unethical practices related to social security contributions.
