The Social Security Commission’s Maternity, Sick and Death (MSD) Fund paid N$250.5 million in claims over the past year across maternity, disability and retirement, sick leave and death benefits, according to the latest data.
Maternity benefits accounted for N$163.8 million, disability and retirement N$54.7 million, sick leave N$23.3 million and death benefits N$8.7 million.
Over the last three months, the fund disbursed N$59.8 million, comprising N$36.3 million for maternity, N$14.8 million for disability and retirement, N$6.1 million for sick leave and N$2.6 million for death claims.
The MSD Fund is financed through a 1.8% contribution on an employee’s basic wage, shared equally between employer and employee.
Monthly contributions range from a minimum of N$4.50 to a maximum of N$99. Employees earning below N$500 pay the minimum, while self-employed workers contribute 1.8% of income, covering both shares.
The Employee Compensation Fund, which covers disablement or death from workplace accidents or occupational diseases, paid N$36.6 million in the year.
Temporary disability claims amounted to N$23.6 million, pension payments N$9.8 million and medical expenses N$3.2 million.
In the past three months, disbursements totalled N$20.2 million, comprising N$17.2 million for temporary disability, N$2.5 million for pensions and N$492,700 for medical expenses.
The Funeral Benefit Scheme processed 9,000 claims worth N$37.9 million during the year and, in the latest quarter, paid 2,000 claims totalling N$10.9 million.
