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Museveni signs NSSF bill okaying 20% mid term access

Museveni has signed bill finally. FILE PHOTO PPU

Kampala, Uganda | THE INDEPENDENT & URN | President Yoweri Museveni has signed into law the the NSSF (Amendment) Bill, 2021, his Senior Press Secretary Lindah Nabusayi has said in a brief statement.

A key provision in the NSSF (Amendment) Bill, 2021 will grant members aged 45 and above and who have saved for at least a decade, midterm access to 20% of their savings.

NSSF MD Richard Byarugaba presents the fund’s performance for FY2020/21 ahead of a provision of mid term access.

Parliament in November last year  and passed the National Social Security Fund (Amendment) Bill, 2021.

The NSSF Bill that was first passed by the 10th Parliament on 17 February 2021, before it was returned to the House by President Museveni, seeks to among others allow mid-term access of up to 20 per cent to members who have reached the age of 45 years and above and also seeks to streamline the supervision of the Shs15 trillion NSSF Fund.

The 10th Parliament had voted that the Ministry of Finance retains the supervisory role of the Fund following the President’s rejection of dual supervision saying it was causing delays in decision making.

Earlier,  Parliament reached consensus on which ministry will supervise the operations and activities of the National Social Security Fund (NSSF).

There has been a big contestation on whether the supervisory role of NSSF funds should be under the Ministry of Gender, Labour and Social Development or remain under the Ministry of Finance, Planning and Economic Development under the new NSSF (Amendment) Bill, 2021 which is currently before Parliament.

While debating the report of the Committee on Gender, Labour and Social Development on the bill a day earlier, MPs agreed on the dual supervisory role of NSSF with Gender Ministry taking the lead on supervising social security which includes mobilising and empowering communities to harness their potential while protecting the rights of vulnerable population groups and promoting issues of labour productivity and employment.

Social protection, gender equality rights and equity, human rights, culture and empowerment will be the other core roles.  On the other hand, the role of the Ministry of Finance will only be limited to matters of finance and investments.

 

12 comments

  1. Fràncis muwonge

    Its good ,that u keep us updated with news

    Thanks

  2. That’s okay but when are we supposed to get the funds because, children are going back to school next week.
    We totally don’t have any thing on us

  3. let the Process be so fast. We are badly off . Thanks to mr. President

  4. Bwango David Asaba

    Am totally happy for this news at least in 2022 but kindly process very first because we don’t have school fees at the moment

  5. Igira Simon Peter

    Beautiful,then I may go back to school if the process is fastened

  6. I hear him loud and clear as well. Hope Omusadha qualifies. Children will go to school regardless…lol.

  7. This is aremarkable future that the president Museveni and the 9th and 10th perliament shall always remembered . Savers has been suffering alot even others dies without accessing their money to help them.

  8. Let the President Yoweri Kaguta be ASSURED of more Votes in the next elections for allowing us access our savings.
    Am very happy I thought I would die before getting my savings.
    May H. E. President Yoweri Kaguta Museveni stay for more years to serve the Country of Uganda.
    May God Almighty Bless you, Protect you, and reserve you for another Generation.
    Amen.

  9. Money is useful when it is most needed. Where and why is the delay in accessing nssf savings?

  10. It’s about time! Hope it won’t be disbursed in ‘phases’ or ‘instalments’. The anxiety though!

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