Ndalatando: The National Institute of Social Security (INSS) recorded a significant increase in its revenues, which went from 165 billion kwanzas in 2017 to more than 676 billion kwanzas in 2024, representing a growth of 309 percent. This financial advancement is attributed primarily to greater adherence to the social security system and enhanced collection capacity.
According to Angola Press News Agency, the information is contained in the institution's achievements and results report, presented on Friday at the Advisory Council of the Ministry of Public Administration, Labor and Social Security (MAPTSS). The council has been in session since Thursday in the city of Ndalatando, province of Cuanza-Norte, under the guidance of the portfolio's minister, Teresa Dias. The event saw the attendance of the INSS Board of Directors' president, Anselmo Monteiro.
In addition to the increase in revenue, the expenses related to social benefits also grew, witnessing an increase of 199%, reaching 429 billion kwanzas in 2024. The number of insured individuals in the system rose from 1,638,393 to 3,143,048, representing a growth of 92%. Meanwhile, the number of contributors increased from 142,199 to 270,636 during the same period.
The report further noted a 27% increase in the number of retirees, from 132,176 in 2017 to 168,411 in 2024. Men account for 69% of the total insured population, while women represent 31%. This gender disparity is also evident among retirees, with men representing 70% and women 30%.
The significant growth is attributed to the modernization and training of the pension system, adoption of digital innovations, and improved human resources management. The institution aims to reach four million and 300 thousand insured individuals by 2030, as part of mandatory social protection efforts.
The INSS has also committed to strengthening coercive collection mechanisms and voluntary debt settlements to ensure the system's financial sustainability. A review of the collection regime and contribution rate, considered one of the lowest on the African continent, is also planned.
