SSC surplus rises to N$806.7 million

CHAMWE KAIRA

The Social Security Commission (SSC) and its associated funds recorded a net comprehensive surplus of N$806.7 million for the financial year ended 28 February 2026, up from N$518.7 million in the previous financial year.

According to Auditor-General Junias Kandjeke’s audit opinion on the SSC’s annual financial statements, the commission’s total assets increased to N$6.91 billion from N$6.01 billion a year earlier, with current investments and other financial assets accounting for N$6.47 billion.

Total insurance revenue increased to N$843.4 million from N$727.8 million, while investment income rose to N$872.3 million from N$600.1 million.

The insurance service result stood at a positive N$140.8 million after insurance service expenses of N$702.6 million.

Operating expenses declined to N$188.8 million from N$197 million in the previous financial year. The financial year also marked the start of major changes to the SSC’s responsibilities in the healthcare sector.

Cabinet selected the SSC to take over the overall management and administration of the Public Service Medical Aid Scheme (Psemas), which has a reported value of N$3.9 billion.

The commission was also directed by President Netumbo Nandi-Ndaitwah to implement the National Medical Benefit Fund (NMBF).

The NMBF is intended to make medical expenses more affordable for workers and their families and to extend health coverage to low-income earners, including taxi drivers and street vendors.

Management said the implementation of both healthcare initiatives remained in the early stages during the period under review.

The report also records leadership changes that occurred after the financial year-end.

The term of the SSC’s long-serving executive officer, Milka Mungunda ended on 30 June 2026 and was briefly extended to 31 July 2026. Ben Nangombe was subsequently appointed acting executive officer for six months from 1 August 2026.

At board level, deputy chairperson Simson Shilongo became acting chairperson on 11 June 2026 following the resignation of former chairperson Markus Kampungu.