Private Organizations Social Security Agency (POSSA) disclosed it made a 26.9 million Birr profit during the past six months of Ethiopia’s fiscal year. The Agency’s plan was to earn 24.4 million Birr which means its performance it has met its target by 110 percent.

POSSA allocated 162.1 million Birr for the entire year, yet it only spent 45.8 million Birr during the six months period. The low performance was said to be due to the unsettled payment for bulk buying and the receiving process of payment on properties bought through bid.

During the six months of fiscal year, the Agency has also trained 6,628 participants on social security.

It was back in March 2011 that the Agency was established. Currently it is in charge of overall implementation of the Proclamation No. 715/2011, which deals with Pension. The bill in particular deals with employees of private organizations.

Source: Fortune