SSC insurance expenses rise with more than 5%
The Social Security Commission (SSC) recorded insurance service expenses of N$702.6 million for the 2025/2026 financial year, an increase from N$664.1 million in the previous financial year, according to its latest annual financial statements.
The increase of N$38.5 million is reflected in the commission's financial statements for the year ended 28 February 2026, highlighting the scale of expenditure associated with its insurance-related activities. The report shows that the commission generated insurance revenue of N$843.4 million during the reporting period, compared with N$727.8 million in 2025. This resulted in an insurance service result of N$140.8 million, up from N$63.7 million in the previous financial year. The commission administers the Maternity Leave, Sick Leave and Death Benefit Fund (MSDF) and the Employees' Compensation Fund (ECF), which provide different forms of protection to employees.
The MSDF covers maternity, sick leave, death and retirement benefits, while the ECF provides for medical expenses, burial and transportation costs, permanent and temporary disability benefits, as well as pension benefits arising from permanent disability or death. The financial statements identify these funds as the commission's main insurance activities, with their operations forming part of its responsibility to assess and pay claims and provide benefits. Although the report records the increase in insurance service expenses, it does not provide a breakdown in the cited financial statement figures showing how much was spent on individual benefit categories or how much was paid directly to beneficiaries. The figures therefore reflect the commission's overall insurance service expenses rather than a confirmed total of direct benefit payments to workers.
The increase in expenditure comes alongside growth in insurance revenue, with the commission recording a higher insurance service result during the year under review. The Auditor-General issued an unqualified audit opinion on the SSC's financial statements, stating that they fairly presented the commission's financial position and financial performance for the year ended 28 February 2026.
