WINDHOEK - The turnaround strategies deployed by Government Institutions Pension Fund (GIPF) over the past five years were highly successful and have shown that with the right combination of factors, organisations can meet challenges head on, CEO David Nuyoma said yesterday.
Nuyoma, addressing the media, said the organisation has indeed evolved with great transformation from the execution of a rebranding exercise leading to the birth of the current refreshed corporate image, to the improvement of turnaround times.
“With benefits ranging from normal retirement, early retirement, resignation/dismissal, retrenchment, disability, ill health, funeral and the one benefit that has been receiving close reviews of late which is the death benefit GIPF has really worked towards diminishing the days these benefits are paid out,” he said.
Nuyoma said as of normal retirement, early retirement, resignation/dismissal and retrenchment it will take them now 25 working days to pay compared to the past were it took more them 30 working days or more.
As with disability/ill health payments, especially with ill health, Nuyoma said they are moving faster and as soon as the papers are ready they sign it off.
“With the funeral benefits, I am proud to say that we have reduced this from 48 hours to 24 hours,” he said.
Nuyoma said death before retirement payment is done in 12 months, depending on submission of all relevant documents.
“We have started to implement a board decision and strategic deliverable to effect early processing of death benefits within three months and latest 12 months,” he added.
Death after retirement, Nuyoma said payment is done within 30 working days compared to the past which was 60 working days.
“The Fund acknowledges the tremendous improvement within its operational department but wants to note that we have not reached our ultimate goal yet,” he said.
“It is a journey and not an event. Amidst the strides we have taken to get where we are today, we strive to pay out funeral claims within 12 hours as we know how difficult losing a loved one is,” he added.
Nuyoma said the current interest is the death benefit of which as per the Pension Funds Act 24 of 1956, the turnaround time for a death claim is a 12 month waiting period if everything is submitted.
“The Fund is fully aware that waiting for 12 months is not acceptable. The suffering endured during this period cannot be condoned. It is against this background that one of the strategic deliverables is to pay death benefits within three months with a provision to keep a certain portion within the Fund for the untraced beneficiaries,” he said.
He said “the Fund is working tirelessly to ensure that we are well within the allocated period and it is our wish to see this timeframe decrease so that our grieving beneficiaries maintain their livelihood even in the absence of their breadwinners.”
“The Fund cannot achieve this on its own, thus we appeal to our members to ensure that your nomination forms are updated and that your beneficiary’s relevant documents are in order,” he said.