Social security contributions are rising fast, partly owing to the full effects of the rules governing severance pay accrued by employees who have not adhered to supplementary pension schemes. The available data on self-assessed tax payments in June indicate a reduction in revenue compared with last year, which can be ascribed only in part to changes in legislation.
In my address today, I intend to focus on the progress made in our financial inclusion efforts, the attendant issues and challenges and the improvements needed in the governance framework of the financial inclusion initiatives in the banks in order to make it truly meaningful. 3. There is an inalienable link between growth and governance and this has been established through several empirical studies.