Weekly Newspaper

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issn 0856 - 9135
Issue No. 0834:
November 1 - 7, 2014

Front page 1

LAPF plans satellite city at Burka
City Centre also earmarked for major facelift

By Hazla Quire

Local Authorities Pension Fund (LAPF) intends to construct a satellite city in Burka area , west  of Arusha City,  to feature a giant shopping mall,  offices,  banks,  residential apartments  and other facilities. 

The development  will  be mapped along the main Arusha-Babati road.  The satellite  city is set to be LAPF’s biggest investment in the Northern Zone according to the scheme’s Director General Dr Elihudi Sanga who added that, the fund was also planning similar investments in other parts of Arusha, including Usa-River and  the City Center.

 Other  pension Funds such as the National Social Security Fund (NSSF) and PPF are already heavy investors in Arusha with enterprises covering, luxury hotels, high-end residential housing units and modern office blocks.


The Local Authorities Pension Fund is gearing up to change the face of Arusha.

And just as the fund marks its 7th decade of operation in the country LAPF is also targeting to start harvesting new members from the informal sector after it has become apparent that many pension schemes are concentrating in the formal streams.

The Scheme boasts nearly 130,000 members this year with the fund’s operating capital reaching 700 billion/- and counting. LAPF has also been extending loans to the local Savings and Credit Cooperative Societies in the country and so far seven such SACCOS have benefitted to the tune of 2.7 billion/- in total as the Fund moves to persuade commercial motorcycle riders to form associations that will enable them get similar grants.

Speaking at the threshold of the LAPF Seventh Stakeholder’s Conference that took place in Arusha  the Director General said almost all the pension schemes operating in Tanzania still feared the unknown and thus continue to snub those who are not employed in formal sectors.

More than 80 percent of the Tanzania’s workforce comprises of those who are in the informal sector, including farmers, traders, fishermen, artisan miners and creative artists all out to be harvested through LAPF’s latest venture.

Last year the fund made record in announcing that the recipients of maternity benefits offered by LAPF get 129 percent of their salaries, the highest payment in record while also the fund reportedly offers the highest benefits in the country tops replacement ratio with settling of 93 percent of individual salaries in the range of pensioners’ latest salary slips.

 

 

     

 

 

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