fbpx
  • Entertainment
  • Interviews
  • Supplements
  • Jobs & Tenders
  • Uganda Votes
  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • Reddit
  • Feed
  • Youtube
Kampala-Dispatch-Logo.png
  • Home
  • News
  • Politics
  • Business
  • Culture & Lifestyle
  • Technology
  • Opinion
  • Sports & Health
  • Travel
Latest News
  • [ September 29, 2023 ] Fally Ipupa arrives in Uganda ahead of Arua, Kampala concerts Entertainment
  • [ September 29, 2023 ] Experts skeptical about Co-operative Bank revival Business
  • [ September 29, 2023 ] Govt issues new guidelines for DNA testing Sports & Health
  • [ September 29, 2023 ] Grenade quits Eddy Kenzo-led UNMF, citing ‘fake’ leadership Entertainment
  • [ September 29, 2023 ] URA directs city landlords to issue e-receipts Business
HomeNewsNSSF calls for creation of two funds to deal with midterm access to savings

NSSF calls for creation of two funds to deal with midterm access to savings

August 6, 2021 News 1

The Managing Director of the National Social Security Fund (NSSF), Richard Byarugaba
The Managing Director of the National Social Security Fund (NSSF), Richard Byarugaba

Kampala, Uganda | URN | The National Social Security Fund (NSSF) has asked parliament to split the current Fund into two to provide for workers who would want to have midterm access to their savings.

Speaking to reporters at the NSSF head offices in Kampala on Thursday 5, August 2021, Richard Byarugaba, the NSSF’s managing director said one fund will be for those savers who want to access their money after retirement and the second would be for those who want to have midterm access to their funding.

On Wednesday 4th, President Museveni indicated that he is willing to assent to a bill that allows savers with NSSF who have either saved for 10 years or are 45 years to access 20 per cent of their money.

Currently, the NSSF Act only allows savers to access their money when they have retired, have reached 55 years of age, have got a permanent injury, have lost a job for some time or have died whereby the survivors claim the benefits.

After President Museveni indicating that he was willing to assent to the bill, it will now go back to parliament for further processing into a final bill. It is at this stage that Byarugaba wants these changes to be incorporated.

In their estimation, there are about 100,000 people out of the close to 2 million savers who are currently eligible for midterm access. Byarugaba said, if all these people are to apply for midterm access, the fund will have to give out at least 1 Trillion Shillings on top of the 900 Billion Shillings they give out annually through other benefits.

Read Also: Museveni finally agrees to workers’ mid-term access to NSSF savings

Byarugaba says if all those who are eligible apply for access to savings, there might be a run on the fund unless the payments are staggered.

Byarugaba said even when he welcomes the amendments, he still appeals to savers not to withdraw their money until when they retire.

“If you are on a salary of UGX 500,000 for 25 years of your saving period and NSSF gave 10 per cent to you in interest, by the end of your saving period you will have in your account UGX 150 Million.

However, if you choose to withdraw 20 per cent, when you are 45, you will withdraw 7 Million Shillings but the money you miss out on is 23 million. But I’m pleased with these amendments because they make us do more for our members,” Byarugaba said.

  • National Social Security Fund (NSSF)
  • NSSF
  • NSSF Amendment Bill
  • Richard Byarugaba
  • Savings

Related Articles

NSSF to release savings to COVID-19 patients at Intensive Care Unit
Sports & Health

NSSF to release savings to COVID-19 patients at Intensive Care Unit

June 18, 2021 1

Kampala, Uganda | URN | Savers with the National Social Security Fund (NSSF) can now partially …..READ MORE

Usher Wilson Owere
News

NOTU boss Usher Wilson Owere spitting fire over delayed NSSF Bill

November 14, 2021 1

Kampala, Uganda | URN | The National Organization of Trade Unions (NOTU) has threatened to …..READ MORE

The Managing Director of the National Social Security Fund (NSSF), Richard Byarugaba
News

NSSF will allow 20% payout if Parliament approves, says Byarugaba

May 15, 2020 2

Kampala, Uganda | URN | The Managing Director of the National Social Security Fund (NSSF), Richard …..READ MORE

Follow Us On:

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • Reddit
  • Feed
  • Youtube

Follow Our Facebook Page

News in Pictures

  • Supermarkets struggling to stay in business - Report
  • Humanized mice arrive in Uganda for COVID-19 vaccine trials
  • Religious leaders in Uganda protest continued closure of places of worship
  • Kidnappers of American tourist Kimberly Sue Endicott arrested
  • 62-year-old man sent on remand over defiling 4 grandchildren
  • Kampala traders protest new textile taxes, rent arrears
  • Bobi Wine’s mechanic narrates torture ordeal in UPDF barracks
  • Nsenene: Ugandan grasshopper delicacy season
  • Uganda Police Flying Squad recovers 23 guns from thugs

Trending Now

  • Fally Ipupa arrives in Uganda ahead of Arua, Kampala concerts
    Fally Ipupa arrives in Uganda ahead of Arua, Kampala concerts
  • Child rights activists in Uganda raise concerns over DNA testing
    Govt issues new guidelines for DNA testing
  • Grenade quits Eddy Kenzo-led UNMF, citing 'fake' leadership
    Grenade quits Eddy Kenzo-led UNMF, citing ‘fake’ leadership
  • Museveni apologizes for Kisoro accident death, offers family Shs 5m
    Museveni apologizes for Kisoro accident death, offers family Shs 5m
  • Hip-Hop-Freestyle-Rapper-Cypher
    7 OG Rappers of all Time

Sponsored

Advertise-With-Us

Featured Video

Latest News
  • Fally Ipupa arrives in Uganda ahead of Arua, Kampala concerts

    Fally Ipupa arrives in Uganda ahead of Arua, Kampala concerts

    September 29, 2023 0
  • Experts skeptical about Co-operative Bank revival

    Experts skeptical about Co-operative Bank revival

    September 29, 2023 0
  • Child rights activists in Uganda raise concerns over DNA testing

    Govt issues new guidelines for DNA testing

    September 29, 2023 0
  • Grenade quits Eddy Kenzo-led UNMF, citing 'fake' leadership

    Grenade quits Eddy Kenzo-led UNMF, citing ‘fake’ leadership

    September 29, 2023 0
Follow Us on Twitter
Tweets by @dispatchug
Kampala Dispatch Magazine

 

 

PUBLISHERS
The Kampala Dispatch
P.O. Box 27258 Kampala, Uganda
Tel: +256 393 299066 / +256 772 622850
Email: info@dispatch.ug

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy
  • Terms of Use

Copyright © 2023 Kampala Dispatch. All Rights Reserved.