KAMPALA — The National Social Security Fund (NSSF) has declared interest rate of 10.75% for Financial Year 2019/2020 which translates into UGX 1.14 trillion to be paid in interest to members.
Finance Minister Matia Kasaija, who presided over the 8th NSSF Annual Members’ meeting at Kampala Serena Hotel on Monday, September 28, 2020, declared the interest rate in line with section 35 (2) of the NSSF Act.
Kasaija pledged to support the NSSF amendment Bill before Parliament but warned on issue of midterm access to NSSF savings saying it should be critically examined so that the purpose of saving is not undermined.
The bill makes it mandatory for all employers including those employing less than 5people to remit social security contributions for their workers.
Kasaija also said issues of managing Finances is a responsibility of the Ministry of Finance and not any other sector.
He called upon Ugandans to improve on their saving culture and avoid wastage of funds on merrymaking.
“Teach your children saving culture when they are still young,” Kasaija said.
NSSF Assets grew by 17% from UGX 11.3 trillion to UGX 13.28 trillion in FY 2019/2020.