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Allow Ugandans to access savings before the age of 50, Kadaga asks NSSF

Speaker of Parliament Hon. Rebecca Kadaga (FILE PHOTO)

JINJA – The Speaker of Parliament, Rebecca Kadaga has called for an amendment to the National Social Security Fund (NSSF) Act to allow persons access their savings before the age of 50.

While commissioning the NSSF City House in Jinja on Thursday, 28 June 2018, Ms Kadaga said it is inhuman for Ugandans to make savings which they may never live to enjoy.

“The current law says you cannot access your savings until you are 50. What is the essence of saving when I can’t use it when I am sick, only to die and is taken by relatives,” she said.

The NSSF Act provides that  a member of the Fund shall be entitled to age benefit if he or she attains the age of 50 years and has retired from regular employment; or if he or she attains the age of 55 years. It also provides that a member of the Fund may be treated as having retired from regular employment when he or she attains the age of 50 years, or if he or she is not in gainful occupation.

The Speaker revealed that she had received complaints from numerous people who lose employment before the age 50 but cannot access their savings for personal needs.

“Mr Byarugaba, you know how many letters I have written to you from people who are sick but cannot get their savings for treatment simply because they are not yet 50,” Kadaga told the fund’s Executive Director, Mr Richard Byarugaba.

Funds Executive Director, National Social Security Fund – NSSF, Mr. Richard Byarugaba(FILE PHOTO)

Hon Paul Mwiru (Jinja East) also re-echoed the plight of Ugandans on access to NSSF savings saying, “Many Ugandans who have lost jobs have issues with the scheme.  I request for a provision where someone who loses a job is able to access at least 30 percent of their savings as they look for another job”.

The chairman Board of Directors of NSSF, Mr. Patrick Kaberenge said the proposed revisions in the NSSF Act will largely benefit clients and requested Kadaga to use her position to expedite the amendment of the NSFF Act and procurement law.

The Speaker said that Parliament is going to focus on legislation in the First sitting of the Third session where that Act, when presented for amendment by the Executive, would be considered.

 

 

 

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