Nature of business:
Under the Social Security Act, 1994 (Act No. 34 of 1994), currently read with the Employees’ Compensation Act, 1941 (Act No. 30 of 1941) as amended, SSC’s principal purpose is to administer the Funds established by the aforementioned statutes, a Maternity Leave, Sick Leave and Death Benefit Fund (MSD Fund); a Development Fund (DF); a National Medical Benefit Fund (NMBF); a National Pension Fund (NPF); and an Employees’ Compensation Fund (ECF). The NMBF and NPF have been established but are not operational.
In administering the Funds, SSC’s principal operations include: (a) registering employers and employees, (b) collecting and investing contributions, (c) assessing and paying claims, (d) providing benefits and (e) providing training and employment schemes and providing financial aid to students.
SSC is empowered to administer every fund established by the Social Security Act or any other Fund assigned to it. For this purpose, SSC must open a current account for every fund it administers.
The books of SSC are audited annually by the Auditor General to ensure ...