Any citizen of Rwanda will have the right to an automatic membership of the personal pension scheme. The pension account will be mapped to a citizen's National ID and exactly like the NID; it will stay with a subscriber regardless of where s/he stays or works. Rwanda Agriculture Board ( RAB) Ministry of Trade and Industry (MINICOM) Rwanda Bureau of Standards (RBS) Rwanda Cooperative Agency (RCA) National Inspectorate and Competitive Authority (NICA) IRST / National Industrial Research and Development Agency (NIRDA) Ministry of Finance and Economic Planning (MINECOFIN) Rwanda Social Security Board (RSSB).
RWANDA SOCIAL SECURITY BOARD At the forefront of Rwanda’s socio-economic transformation
Rwanda Social Security Board (RSSB) is a Public Pension located in Kigali Rwanda, Africa. Current Assets for RSSB is $877,894,000 and SWFI has 1 periods of historical assets, 6 personal contacts available for CSV Export.
Envisioning a compre-hensive social security system that addressesthe social security needs of all Rwandans, Rwanda Social Security Board (RSSB) was established in 2010 merging the former Caise Sociale du Rwanda (Social Security Fund of Rwanda) and la Rwandaise d’Asssurance Maladie (RAMA).
The bigger and more efficient institution that emerged was then tasked to provide high quality social security services; ensure efficient benefits distribution, collection of contribution and prudent investment of members’ funds by the law No.45/2010 of 14/12/2010 that determines RSSB’s mission, organization and functioning.
Corporate values
In trying to achieve our vision and mission, we consider to be guided by the following key strategic values:
Integrity;
Collaboration;
Accountability;
Respect; and
Excellence.
Main responsibilities of RSSB
Rwanda Social security Board is mandated by government of Rwanda to provide social security services to its affiliates and legal dependents in Rwanda and its key activities are:
Collecting and management of contributions as provided by law;
Paying social security benefits to beneficiaries;
Paying healthcare costs to RSSB medical beneficiaries;
Managing the contributions fund;
Prudently investing surplus funds;
Giving advice on social security policy issues;
Establishing relations and collaboration with other regional or international institutions with related mission
Funding
Rwanda Social Security Board is financed by employees’ and employers’ contributions. For the pension and Occupational hazard scheme, the total contribution is 8% of the employees’ gross salary, of which 5% is paid by the employer and 3% is paid by the employee.Of the 5% paid by the employer, 2% goes to occupational hazards and the remaining 3% goes to pension. The total contribution rate under Medical scheme is 15% of employees’ basic salary, of which 7.5% is paid by employer and the other 7.5% paid by employee.
Coverage
The scheme is mandated to cover all employees working in the private and public sectors. However, an individual may voluntarily register and save with RSSB under the Pension scheme. For private individuals to be registered under the medical scheme, a minimum of 7 employees is required.
Benefits
In the event that any of the contingencies occurs, RSSB members or their dependants are entitled to receive benefits as provided by the law. For old age benefits, members aged at least 55 are entitled to pension benefits. However, the police and military servants aged at least 40 and 50 respectively can apply for pension benefits. Under occupational hazards branch, employees are protected when they are at work, travelling to work or on a work related journey. This scheme also covers an occupational disease.The medical scheme covers the following medical care provision: Medical consultations, drugs, including chemotherapy, surgical interventions, dental care including prosthesis, medical imaging, including CT Scan & MRI, Laboratory tests, Physiotherapy, Hospitalization, Eye treatment including provision of; lenses and frames, Lower/ Upper limb prosthesis & Orthesis, Dialysis and Full Medical check-up.
RSSB ACHIEVEMENTS
Investment portfolio
RSSB’s investment portfolio has recorded notable increase from Rwf 301,114,038,655 (approx $ 446 million) in June 2012 to Rwf 371,365,182,453 (approx $ 550.2million) in June 2013. RSSB’s investment portfolio is mainly composed of; Real estate projects (22.0%); Bank term deposits (35.7%)Corporate bonds, loans (1.8%); Treasury bonds/bills (21.4%); Foreign as well as local equity (18.6%); and Mortgage (0.5%). RSSB is working in tandem with the realization of Rwanda broader development programs. In accordance with the EDPRS 2 for example where decent affordable urban housing is required, RSSB has striven to develop different projects to feed into the requirements and address the challenges.
On-going projects include:
1. Vision City (High End Housing)
It is the biggest residential housing project in Rwanda to-date. Set on a prime 158 hectare tract of land in Gaculiro, Kinyinya Sector of Gasabo district, Vision City is adjacent to RSSB constructed Vision 2020 Estate and approximately 3 km from the proposed Central Business District (CBD) at Muhima and 6 km from Kigali International Airport. It will consist of over 4,500 units in different configurations ranging from luxury villas to apartments to be built in 4 phases over 7-8 years. Phase 1 is made up of 504 units to be built on 33 hectares. Construction started in November 2013 and is expected to last 21 months until end August 2015. Phase 1 of Vision City will also feature a town center made up of retail shopping space, recreational and leisure spots (restaurants, sports facilities and club house), a 3 star hotel, office block and a medium size convention centre with a capac¬ity of hosting a 1000 people.
2. Kinyinya (Middle Income Housing)
This will be the second biggest residential housing project consist¬ing of 3,672 units of 1-4 bedrooms set out in four storey apartment buildings. This layout will maximize the available 100 hectares marked out for development of the estate, resulting in a housing density of approximately 60 units per hectare. Kinyinya will have commercial, en¬tertainment, recreational and public transport amenities for use by its res¬idents. It will be built in three phases lasting for 7-8 years. The units will have lower price points than Vision City units and will cater mostly to middle income buyers. However, residents will still enjoy the same tranquility, modern housing and amenities that will be found in the higher priced Vision City.
3. Low cost housing
Several technologies are being considered to provide cost effective, but efficient modular solutions, which can be replicated at numerous sites in order to solve the problem of low cost housing in Rwanda. Within Kigali City, designs for 500 units of low costing houses in Batsinda are being developed, 300 in Nyarugenge, while another 300 house units in Kicukiro district are also in later stages of development. The estates are distributed among each of the three districts of the city. Also, a mixed Use building in former Centre Culturel Franco Rwandais (Rwanda-French cultural exchange centre based in central Kigali) is ongoing. Besides Kigali, RSSB is planning to construct an Estate of affordable houses in Nyagatare, Rwamagana and in Nyanza districts for which feasibility studies are being conducted. The ultimate goal for investing in the housing sector is not only to make members’ contributions profitable but also to ensure that affordable and good quality houses are made available to benefit Rwandans from all walks of life; the low, middle, and high income earners all together.
Question and answer with Dr. Daniel Ufitikirezi Director General RSSB
Rwanda has recorded enormous economic growth in the last two decades. What has RSSB’s journey been like these last twenty years and what interventions have your activities had in the country’s socio-economic development?
Rwanda Social Security Board was formed through merging two institutions; Caise Sociale du Rwanda (Current Pension Scheme) that existed since 1962 and Rwandaise d’Asssurance Maladie (RAMA) (Current Medical Scheme) that had been created in 2001. Concerning RSSB’s journey in the last 20 years and its contribution to Rwanda’s socio-economic development, over Rwf400 billion has been invested in various sectors including banking, Insurance, Industry, Telecommunication, construction(both office and residential), Tourism, agriculture, and infrastructure. Some of the positive impacts registered from these interventions include among others; job creation, creating office space to cover the gap for convenient offices that existed especially in Kigali city. In this way, RSSB has enormously contributed to the beautification of Kigali city through construction of modern office buildings. Also, the institution has made economic contributions through Taxes paid by both its direct and indirect investments while in yet another endeavor to bridge the residential housing deficit that challenges Rwanda, RSSB has constructed numerous modern estates like Umucyo estate, 2020 estate, Batsinda estate and other upcoming estates such as vision city (located in Kagugu sector), Kinyinya and batsinda estates. Needful to mention, statistics indicate that Kigali City alone needs 10,000 additional housing units every year.
In which areas are RSSB’s investment interests?
RSSB investment portfolio is structured into fixed income and Non-fixed income investments, whereby fixed income is currently composed of Treasury bonds, treasury bills, corporate bonds, corporate loans, mortgage, fixed term deposits and Non-fixed income investments are in Real estate, Equity and Offshore, investments and each investment component is based on the RSSB Investment policy statement
Given social security’s role in socioeconomic transformation, what mechanisms do you have in place to achieve your ultimate goal of social security for all?
The mechanisms are simply to continue investing more in the economy and create jobs, sensitize informal sectors to join the pension scheme; all of which aim at building an exemplary social security system regionally.
Many developers tend to concentrate their activities in the capital city. How about RSSB?
RSSB investments are nationwide, in most of all the districts in Rwanda most especially in the real estate sector
Briefly tell us where RSSB has invested in real estate in the last twenty years.
Our flagship real estate investments are;
Estate Umucyo: 122 units
2020 Estate: 300 units
7 Grand pension plaza in Districts of which 3 were sold (Kicukiro PP, Nyarugenge PP and Gasabo PP)
Grand Pension plaza.
Kacyiru Executive Apartments ( 50 apartments)
Batsinda estate, 250 units
Rust free download with multiplayer 2018. Vision City (ongoing)
Kacyiru estates
What are your future plans in relation to addressing affordable housing needs in Kigali and beyond?
we have real estate projects planned in Kigali and other parts of Rwanda. May be I can list some of the envisioned projects. In Kigali: Batsinda (low cost housing): 500 units, Nyarugenge: 300 houses, Kicukiro: 300 units all of which are underway.
Also, a mixed Use building in former Centre Culturel Franco Rwandais is ongoing. Besides Kigali, RSSB is planning to construct an Estate of affordable houses in Nyagatare, Rwamagana and in Nyanza districts. Feasibility studies are being conducted.
There have been complaints that RSSB only develops highly priced houses. How is that?
The price of these houses is determined by numerous factors, namely; expropriation costs incurred in resettling occupying residents, establishment of infrastructure particularly of roads and sewerage systems, servicing of the area in terms of electricity and water facilities, good quality of finishes, and the value of the land developed (location).
Also, the main goal of investing in real estate was to first have good returns from our members’ contributions and then later cater for the social needs of the population. Having established high-end estates, we are planning, and are already implementing some projects of affordable and low cost houses as well.
Rwanda Social Security Board Off
- Posted 22nd September 2014