And the new management team takes over Social Security just as the Social Security Amendment Bill was introduced in the House of Representatives today. It covers 10 points of reform based largely on the recommendation is the Senate probe into mismanagement of Social Security funds. Here are some of the more outstanding points.
Rt. Hon. Said Musa,
"The Bill places a limit on yearly administrative expenses of the board. The Bill provides that the monies of the fund may be invested only in accordance with the investment framework set out in the third schedule to the bill and on the recommendation of the investment committee. Investment framework is binding both on the board and the investment committee. The bill provides for penalties for members of the board and investment committee who willfully disregard investment framework as set out in the third schedule.
The composition of the board shall be evenly balanced between the public sector and the private sector members, 5-5, and the Chairman of the board shall be a private sector member who shall have a casting vote in the event of an equality of votes.
The bill provides for the representation of the indigents on the board by a nominee of the Council of Churches. On the whole Madam Speaker, this Bill is a far reaching measure and goes beyond the recommendation of the Senate Select Committee."
And while the bill enacts penalties for mismanaging funds, critics say the penalties proposed are too light.
