GIPF ‘reserves’ over N.dollars 1.5 billion for data inaccuracies

10 Jul 2019 13:40pm
WINDHOEK, 10 JUL (NAMPA) – The Government Institutions Pension Fund (GIPF) has been facing challenges with the data quality of their members, compelling the fund to set aside money to make provision for inaccuracies.
In a media statement issued on Tuesday, GIPF Chief Executive Officer (CEO) David Nuyoma said GIPF engaged the human resources (HR) and public relations (PR) practitioners from different government institutions to discuss the challenges of its members’ data integrity and how to help curb the problem.
“The fund faces a particular challenge with the quality of its data. The result of this situation is that the fund has to set aside ‘reserves’ in order to make provision for any inaccuracies with the current data set,” Nuyoma said.
To date, these reserves stand at over N.dollars 1.5 billion, Nuyoma said.
He added that “this was an area GIPF wished to monitor and improve”, and with the pro-active assistance of the government HR and PR officers, “reduce these data inaccuracies or omissions to acceptable levels”.
Further, the pension fund wished to improve operational efficiency by administering, processing and paying claims and benefits in the most efficient time, with a high level of accuracy, he said.
As part of its 2018-2023 Strategic Plan, GIPF also plans to reduce the number of unclaimed benefits, outstanding admissions and unenrolled annuitants, and reminded the government officers of their central roles in these anomalies as well.
Nuyoma urged the HR and PR practitioners to inform their members about benefits and claims offered by GIPF, saying their colleagues at their ministries should be well informed of their retirement and ancillary benefit entitlements and procedures - how, when and what to claim.