- One can now access his/her benefits from NSSF within seven days
- NSSF lost Shs 74 billion in 2015/16 financial year but regained in 2016/27 financial year
- A new law is awaiting approval from Parliament that will give NSSF opportunity to introduce new benefits for the contributors
- The Employees were asked to borrow money for tangible investments other than borrowing from the banks for weddings, marriage or for graduations
By Candia Stephen & Felix
Arua- The National Social Security Fund (NSSF) has registered growth in the savings that the employers are making.
According to the 2016/17 figures, the fund made an income of Shs 815 billion. According to the Managing Director, Richard Byarugaba, they made a payment of Shs 681 billion as interest to the those saving with NSSF.
Speaking during the Regional Annual Employer’s conference in Arua district on Tuesday, Byarugaba said: “Now that we are making more money from the savings, we are thinking of offering new benefits like maternity, house, and critical illness benefits where people shall be contributing for. But these are yet awaiting the approval from the Parliament.”
By 2016/17, NSSF has about 916,909 members who are contributing to the fund. Now the proposed law is that there should mandatory contributions of all workers regardless of the size of enterprise, provide voluntary contributions by workers over and above their mandatory contributions by self and employed persons.
One of the employees from Moyo district speaking during the conference. Photo by Felix.
Amidst the growth, Byarugaba said some of the Companies are still not complying with remitting the benefits of the employees. This, he said was denying the employees life savings. During the conference, over 500 employees and employers attended and asked various questions about the operations, how they benefit, challenges with the fund and issues of corruption in managing the fund.
One of the employees in Arua, Adiga Rasul, said: “We hope that our money will be put into good use because this offers a lifeline opportunity after retirement. And we expect that the employers should be compelled to remit the benefits of the employees because there is some tendencies where employers deduct people’s money and yet it is not reflected in the NSSF.”
In Arua, NSSF invested Shs 2.3 billion by constructing a house at West Nile Gold Club. But the investment has been in ruins as it was rendered non-productive and NSSF was evicted by the Golf Club. But the Managing Director of NSSF announced that they plan to re-invest and make the building useful again.
Already the Golf Club management is fencing it off in order to offer security to the investment.