This Annual report covers the period January 1 to December 31, 2011, and is in fulfillment of the statutory requirement that Management, under the supervision of the Board of Directors, submits an annual report to the President of Liberia. The report catalogs activities, achievements and challenges encountered in the reporting period. It further reflects salient activities, achievements and challenges of the past six years (2006-2011). Some of the results presented in this year's report clearly signal the growing confidence that employers and employees have in the revived social security program of Liberia.
Established by an act of the National Legislature on July 10, 1975, the National Social Security and Welfare Corporation (NASSCORP) is mandated to administer three schemes: the Employment Injury Scheme (EIS), the National Pension Scheme (NPS) and the Welfare Scheme (WS). Both the Employment and Injury Scheme and the National Pension Scheme are contributory. The Welfare Scheme is non-contributory, but has not yet been funded by Government.
The social security program of Liberia as established by the Act creating NASSCORP, is a tripartite arrangement amongst the Government, Employers and Employees.
The accountants and financial statements of the EIS and NPS, ins accordance with the Act, are kept and prepared separately before consolidation. This report presents the consolidated results of bothe Schemes.