Assessment of Zanzibar Pension Scheme Fund of the retirement house hold welfare; A Case of West Urban Region

This study basically looking into the effects of Social Security pension Scheme Fund of the retirement household welfare of West Urban Region in Zanzibar The objectives of this study were first to analyze the effect of old age pension scheme on social welfare of members in West Urban Region, to examine the effect old age lump sum pension scheme on social welfare of members in West Urban Region and to determine if the current scheme fund is effective and adequate in providing benefit for retirement. The researcher used descriptive method of study based on qualitative and quantitative approach in order to get better analysis of the study. The population size was 80 and sample of 21 respondents was taken. Both primary and secondary sources with their relevant tools like questionnaire and documentary were used. The data was processed by used SPSS and analyzed to get frequency/percentages. The findings of the study signify that Zanzibar has Social Security Pension Scheme like Old Age Pension Scheme, Lump Sum Pension Scheme and Current Scheme Fund which was most agreed by the respondents because it provides beneficiaries, at the right amount, and right time which has promoted the welfare of retirement. The study recommends that government should consider social security as human right, contributors should have a say on management, and country introduce a universal identification system where every citizen or resident should be issued with such a social security number which can be used for accessing other services and benefits. The employers should revisit the amount of pension it pays to its retirees especially those who stopped working; pension increased should reflect the economic depreciation. Furthermore, pension should be paid on time by removing unnecessary procedures in processing and claiming the retirement benefits