Social Security Fund Scheme in enhancing the Socio Economic Development of Rwanda: a case study of SSFR Headquarter Kigali Rwanda

Abstract

Social security development is one of the measures that have been adopted by developing countries to overcome poverty related challenges. The relevancy of social security in promoting economic growth and poverty reduction stems from its roles in saving mobilization, The objectives of the research are To investigate the benefits paid to the retirees at the time of retirement or death; 1. To find out how the contributor’s funds are invested towards socio-economic development of the country; 2. To find out how the contributor’s funds are invested towards socio-economic development of the country; 3. Investigate the impact the SSFR has on individuals. By using different methods and techniques to verify the roles played by the SSFR in enhancing social economic Development of Rwanda, the researchers realized that due to the fact that SSFR benefits trends in increasing in positive way, SSFR pays the retirees at the time of retirement. Apart the benefits received by the pensioners, enhancing the socio-economic development of the Country, SSFR participate in different social responsibilities and contribute to the welfare of the population. The contributed amount in social responsibilities of the SSFR is 96m Rfw. From Real estate projects SSFR created job in several dimension and the researcher discover that 2.368 have created to unemployed. It is recommended here that SSFR should revise the current law governing benefits and thereby calculates benefits with interests instead of dumping the money in the coffers which is not for the benefit of the contributor, SSFR should design project that aligns with the middle income earners; SSFR should give advance to pensioners in order to start project at their energetic time. Government should reinforce measures for total adhesion to pension schemes for all workers in formal sector, and in informal sector.