The value of the Mozambican National Institute of Social Security’s investment portfolio doubled between 2015 and 2019 from 15 billion meticais (€213 million) to 30.7 billion meticais (€437 million).
“This growth is in line with the implementation of the institution’s policy and investment strategy”, Minister of Labour, Employment and Social Security, Vitória Diogo said in a statement.
Vitória Diogo was speaking on Thursday during a national Social Security meeting in Maputo, which took place under the motto “Modernising for Better Service”.
According to the statement released, the growth is the result of the computerisation of the Social Security System, a key aspect in the organisation of the National Institute of Social Security (INSS).
“As a result of the intensification of routine inspections of debtor companies and the strengthening of relations with the administration of justice, it has also been possible to recover about 2,789 million meticais (€38,000) over the past five years”, she added.
In addition to staff from the Ministry of Labour of the country, the national meeting was also attended by the Confederation of Economic Associations of Mozambique (CTA), the Organization of Mozambican Workers (OTM) and the National Confederation of Independent and Free Trade Unions (CONSILMO).
The meeting, in which former INSS employees were also honoured, also served to launch the compilation of new Compulsory Social Security Legislation.
Source: Lusa via Club of Mozambique