Voluntary scheme

Applicants register by providing their personal and contact details, together with a passport-size photograph. Registered members are issued with membership identification cards and instructions on how to make contributions.

VOLUNTARY SAVINGS FUND

The Zanzibar Social Security Fund (ZSSF), pursuant to Section 44(b) of the Social Security Fund Act No. 2 of 2005, has established a Voluntary Contribution Scheme known as the Zanzibar Voluntary Social Security Scheme (ZVSSS).

This scheme targets the following groups:

All individuals who are not contributing to any Social Security Fund due to the nature of their employment, which does not provide them with a regular monthly income, such as farmers, fishermen, livestock keepers, dock workers, entrepreneurs, etc., as well as
Zanzibaris that are living in a\Abroad (Diaspora).
ZSSF members and employees working in the formal sector.

Membership Eligibility Requirements

Any individual may join this Fund subject to the following criteria:

1. Must be at least 18 years of age.

2. Must be engaged in an occupation that generates a legitimate source of income.

Contribution Arrangements

Under this Scheme, a member's savings will be deposited into two separate accounts as follows:

1. Fifty percent (50%) will be deposited into the Retirement Account.

2. Fifty percent (50%) will be deposited into the Short-Term Savings Account.

Short-Term Savings Account

This account is intended to meet members' regular financial needs, such as increasing business capital, paying for business premises, paying school fees, etc.

A member will be allowed to withdraw any amount of money from the Short-Term Savings Account after the funds have remained in the account for a minimum period of six (6) months.

Retirement Benefits Account

This account is intended for the member's future needs. The member will not be allowed to withdraw funds from this account until they reach retirement age or become incapacitated and unable to work.

The account aims to ensure that members continue to enjoy a decent standard of living even after they are no longer able to generate income due to old age or health-related challenges.

Benefits Provided to Members Include:

1. Retirement Benefits.

2. Disability Benefits.

3. Inheritance Benefits.

4. Education Benefits.

5. Entrepreneurship Benefits.