NSSF ready to pay Ushs 500b next month in midterm access

By Our Reporters.

The National Social Security Fund (NSSF) has said it is ready to pay-out to savers eligible for the midterm benefits starting next month if the NSSF Amendment Bill 2021 is enacted into law.

NSSF Managing Director Mr  Richard Byarugaba said the fund is finalising a shift in the Fund system to allow a smooth pay out.

He said said there is need  to undertake a complete overhaul in the fund’s financial manaagement systems  to conform with the new order.

 Mr Byarugaba refutted claims that they are against paying out mid term access to the savers  and that the fund lacked money to effect the payments .

The NSSF CEO announced  that they project to pay out over Ushs 500b to beneficiaries under the 20% midterm access to savers who have attained 45 years and above, and have saved with the fund for at least 10 years..

Speaker of Uganda Parliament Hon Jacob Oulanyah shocked workers recently when he said all pending business (bills) of the 10th Parliament would be re-tabled afresh.

Among the contentious bills was the NSSF Amendment Bill (2019) that sought to grant 20% access to the beneficiaries.

Stakeholders had concluded discussions with President Yoweri Museveni and only awaited modifications in the draft bill.

However workers sighed relief  after government reintroduced the Bill, which was tabled in the HouseSeptember 29,2021 for first reading on September 29.

.Gender Labour and Social Development, Minster Ms Betty Amongi, has assured Ugandans that government would fast-track the bill and have the law enacted  by end of November this year.

” We are are working  tireless  to ensure we conclude the Bill within 30 days and it to the President to assent,” She said

 The Minister said the process should be smoother since the Presient had already incorporated his views when he held a meeting with Workers’s leaders, employers and government officials.

In bid to fast – track the process the 11th Parliament has waived a number of provisions in the elaborate process of making a Law to allow speedy process of the Bill.

 The processing by the committee  was expected to be concluded by October 8,  before the billis returned to the House for the second reading.

The President has 30 days to assent or return the Bill to Parliament for further action.

Workers who had gotten disgruntled after the bill was deferred  to the 11th Parliament are now upbeat.

National Organisation of Trade Unions (NOTU) Chairman Gneral Mr Usher Wilson Owere has assured  workers that they have trust in Parliament to fast – track enactment of the NSSF Bill into law.

He said Ugandan Workers have endured adverse effects of Covid- 19 pandemic that has led to massive job losses, redundancies and displacements.

” Workers have endured adverse effects of Covid- 19 pandemic that has led to massive job losses, redundancies and displacements,” he said.

Central Organisation of Free Trade Unions (COFTU) Chairman General Mr John Oketcho said if NSSF effects the midterm access workers will have to make a lifeline .

He said:” it makes no sense for workers to borrow money from the banks under unfavourable interest rates when their NSSF savings are idle” ■

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