GIPF receives N.dollars 4.7 billion in member contributions

The Government Institutions Pension Fund (GIPF) received a total of N.dollars 4.7 billion in contributions from its 97 512 active members during the 2023 financial period.

This was revealed by the Fund’s Chief Executive Officer Martin Inkumbi, during the launch of the GIPF 2023 Integrated Annual Report at Oshakati on Tuesday.

He said N.dollars 6.9 billion was disbursed in benefits to active pensioners and annuitants, adding that the total fund asset value stood at N.dollars 151 billion.

‘The Fund’s investment return has increased by 7.7 per cent to N.dollars 6.5 billion, compared to an increase of 10.8 per cent in the previous year,’ he said.

GIPF Board of Trustees Vice Chairperson Evans Maswahu, said the Fund has produced integrated annual reports since 2018 to enhance the way it communicates its business narrative, providing a coherent account of how all its resources contribute to value creation.

‘In our assessment of the risks, opportunities and outcomes that materially impact value creation, we expa
nded our focus beyond the financial reporting boundaries.

This broader perspective allows us to address the material interests of our stakeholders and consider the significant risks, opportunities and impacts associated with our activities across the short-term (less than 12 months), medium-term (one to four years), and long-term (beyond four years) horizons,’ he said.

Moreover, Maswahu indicated that the report highlights the final year of the Strategic Plan for the period 2018 to 2023, which was developed around four strategic themes to ensure that the Fund manages its resources and relationships needed to create value over time.

Source: The Namibia Press Agency