GIPF pays out N$ 27b against N$22.4b contributions

• By Confidente Reporter

The Government Institutions Pension Fund (GIPF) benefit payouts in the last five years, up to 2023, were N$27 billion, while employee contributions received during the same period totalled N$22.4 billion.

This is according to GIPF’s integrated annual report for fiscal year 2023. These figures represent a 20 per cent payout in benefits compared to employee contributions received, imposing significant pressure on the benefit/contribution ratio, according to GIPF.

The fund’s benefits/contribution ratio has increased by 25 per cent to 148 per cent (2022: 123per cent).

According to the report, the fund observed a large increase in this crucial ratio, despite membership increasing by 460 throughout the year, resulting in a N$146.4 million increase in contributions received. The benefits increased from N$5.5 billion the previous year to N$6.9 billion as of March 31, 2023.

For more on this and other stories; grab a copy of the newspaper