The Social Security solutions consists of three main components. The components can be implemented as a whole or separately.
a. Provident Fund System (Defined Contributions )
Provident Fund System manages the process of Member’s contributions towards their retirement savings, and allows workers to withdraw these savings at retirement.
b. Pension Fund System (Defined Benefits)
Pension Fund system manages the process of Member’s contributions towards their retirement savings, such that when workers retires, there is a fixed amount subjected to inflation to be paid to the workers depending on the last drawn salary, period pf employment and contribution, etc.
c. Retirement Fund System
Retirement Fund System manages the process whereby Members contribute regularly and the contributions are converted to units at a certain price. Withdrawal will be the values of the units invested at the time of the withdrawal. Dividend are paid in term of units.