reflected by house hold, appears to be important for the proposed study. The current study therefore propose a keen study on NSSF financial performance as reflected to social economic benefit in Dar Es Salaam Headquarters. The procedure of the NSSF for Budgets starts in February every year by issuing budget preparation guideline to every cost centre. The revenue and spending unit (Directorate/region/District) submit the application or proposal. Preliminary appraisal is done by the budget officer, all weakness observed in preliminary appraisal are communicated to cost centre for clarification, management budget committee, finance committee of the Board, full Board for approval, and thereafter master workers council is done and then Board decisions are submitted to the parent minister for final approval. This was evaluated based on financial management procedures by the current researcher across NSSF HQ. Financial management is about making decisions on how to raise/generate funds (financing decision) And how to allocate the raised fund efficiently so as to generate more funds and thus increase the value of the firm and ultimately to increase the wealth of the shareholder/owners (investment decision). There are three financial namely, financing decision, investment decision and dividend decision determining an appropriate assets mix strategy for achieving these objectives, adopting operating tactics that will effectively implement the broad strategic plan and finally measuring investment performance against the set targets. However, this study intended to deal with the budget decision in pension funds. Budgeting decision is very important because its consequences extends into the future and will have to be endured for a longer period than the normal (operational) decision (Njenza, 2005). In many countries Tanzania inclusive, pension funds are the largest class of institution
commitment to promptly meet members’ ever long social security needs using competent, innovative, result oriented and dynamic resources and state of the art technology which is linked. The philosophy of NSSF is based on respect, integrity, innovativeness, promptness, reliability and accountability. NSSF was chosen as it has a big role to play which needs financial resources and commitment in understanding market requirements as related to Figure. 2 3.4 Sample and Sampling Procedures The study attained the utility of both secondary and primary data from NSSF Head Office where random sampling methodology was applied on selected stakeholders and NSSF documents from 2007/08 to 2012/13. A total of 200 respondents (NSSF stakeholders) of Dar Es Salaam city. NSSF across the districts were put into test and observation. Much emphasis was put on NSSF members in Dar es Salaam and its staff. Other employees were randomly contacted for clarification. Table 3.1 Shows the Sample Composition Across NSSF All Potential Respondents were Consulted and Therefore Stratified Sampling No. Sampled area Male Female Total (Total Respondents) Percentage from total 1 Compliance unit 10 10 20 Number of respondents x 100 Total number of Respondents 2 Administration 25 35 60 3 Finance and Accounts 35 35 70 4 Registration and Documentation 8 2 10 5 Other staff (mixed) 15 5 20 6 External Auditors 8 2 10 7 Selected NSSF members 5 5 10
registration and Documentation. NSSF still has gender bias as discovered by the researcher through observation and record reviewing. Table 4.1: All Stakeholders perception on key Financial and Budgeting Process at NSSF HQ No. Policy and Stakeholders perception Response Frequency Percentage 1 Do you have financial regulation to support stakeholders services budgeting NO 15 7.5 YES 185 92.5 TOTAL 200 100 2 Are the employees know how to link between financial performance and service delivery benefit YES 63 22.5 NO 137 77.5 TOTAL 200 100 3 Do you use stakeholders perception to improve on NSSF financial performance and budgeting YES 45 31.5 NO 155 68.5 TOTAL 200 100 4 Do you have cost – benefit analysis system reflecting organizational objectives and stakeholders objectives in NSSF? YES 97 48.5 NO 103 51.5 TOTAL 200 100 5 Are all employees support financial system based on stakeholders needs through budgeting process? YES 24 12 NO 176 88 TOTAL 200 100 6 Do you see some challenges in organizational performance against services delivered by NSSF through budgeting process YES 161 80.5 NO 36 19.5 TOTAL 200 100 7 Is NSSF financial performance create social benefit related to budgeting process YES 86 43 NO 114 57 TOTAL 200 100 8 Do you see any required improvement on balancing between NSSF financial performance and services delivery system? YES 114 57 NO 86 43 TOTAL 200 100 9 Is financial performance on budget necessary for better service delivery at NSSF? YES 189 94.5 NO 11 5.5 TOTAL 200 100 Source: Field work (2013) Note stake holders = All selected groups in table 1 reflected by interview schedule. According to Tanzania Social Security Policy (2003) it states that; “Every human being is vulnerable to risks and uncertainties with respect to incomes, means of life
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What is it when you view NSSF? ………………………………………………. Is the budgeting process helping NSSF to achieve its corporate objectives? YES NO is your Education level? ……………………….. Do you have any financial regulation to support? YES NO Does the NSSF use stakeholder’s perception to process its budget? YES NO Explain Do you require extra knowledge of budget training to support your organization (NSSF) budgeting process? How, Explain briefly Have you ever been trained or educate on budgeting process? ………………………………………………………………………… Who sponsored you? Explain Do you see any challenges and prospects on budgeting process under NSSF? Explain briefly Challenges Prospects …………………………………… a. ……………………………….. …………………………………… b. ……………………………….. …………………………………… c. ………………………………..