The Prime Ministers Office – Labour Youth and Persons with Disability (PMO-LYED), through Social Protection Division is vested with the responsibility to supervise, regulate and create an enabling environment and building blocks for the development of the Social Protection and the provision of Social insurance and Social assistance services to employees and general public at large.
Section 5 (1) of the Social Security Act (Miscellaneous amendments No. 6 of 2019) gives mandate to the PMO-LYED in relation to the supervision of the Social security Sector and, it includes inter alia the following: -
a) To facilitate extension of Social Security coverage to non - covered areas including informal groups;
b) To conduct inspection and examination with or without prior notice on managers, custodians, or schemes, premises equipment, machinery, records, of the managers, custodians, administrators or a scheme;
c) To supervise the performance of all schemes, managers and custodians;
d) To protect and safeguard the interests of members;
e) To Monitor and review regularly the performance of the social security sector;
f) To handle disputes and complaints relating to social security;
g) To register and supervise all schemes, managers, custodians and administrators;
h) To conduct programmes for public awareness, sensitization on Social security.
Custodians
Custodian means a company registered under the law of Tanzania responsible for safeguarding a firm’s or individual’s financial assets. In other words, a Custodian is always a banking institution where people securely put their assets.
Basically, among the roles of a Custodian are;
Currently, registered custodians include;