RELIEF: NSSF Members Who Clock 45 Years Can Access 20% Of Savings



KAMPALA-SHIFTMEDIA- After two years of ‘rope pulling’, Parliament has finally passed the National Social Security Fund (NSSF) Amendment Bill  2019 that allows members to access midterm of their savings.

As per the new bill passed on Wednesday, NSSF members who clock 45 years and have saved for 10 years will be eligible to claim 20% of their savings.

Agnes Kunihira, the chairperson of the Joint Committee of Gender and of Finance Agnes Kunihira, members who have clocked 45 years and have contributed to the fund for a period of ten years will be eligible to a 20 percent of their savings.

The passing of the bill met resistance from the executive who said the bill would cause inflation and leave many members poor when they retire.

Speaker Rebecca Alitwala Kadaga who chaired the Wednesday session guided the MPs who passed the bill with clause 10 that grants midterm access of members to their savings.

Workers MPs Agnes Kunihira and Dr Sam Lyomoki say the passing of this same clause will give a lee way to a person who is disabled and has lost his job to access his or her savings to a maximum of 75 percent though it had been opposed by the Minister Mwesigwa Rukutana.

The passed bill will also see two ministries, Ministry of Gender Labour and Social Development and that of the Ministry of Finance manage the operations of the National Social Security Fund.

Though government had proposed under clause 13 to have powers to borrow money from NSSF at will, this was thrown out and subsequently deleted.


Shift Media News

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