Kampala, Uganda | THE INDEPENDENT | The Speaker of Parliament Rebecca Kadaga has tasked the joint Finance and Gender, Labour and Social Development committee that are scrutinizing the National Social Security Fund (Amendment) Bill to present a report in the next 10 days.
This comes amidst calls by some depositors to atleast access some of their savings because of the Covid-19 lockdown.
In her communication to the house, Kadaga noted that she is aware of a number of concerns that have gained prominence due to the Covid-19 pandemic in regard to the savings. A number of people have signed an online petition demanding to access part of their savings.
The Busongora North MP, William Nzoghu, Workers Representative, Dr. Sam Lyomoki and their Manjiya counterpart, John Baptist Nambeshe have been pushing for a motion to allow depositors to access 20 percent of their savings before the mandatory retirement age saying it will support those who have lost jobs or going through hardship because of the current lockdown.
The trio told Uganda Radio Network that their motion which is yet to be debated by parliament was meant to push for the committee report on the NSSF amendment to be presented so that parliament comes up with legislation to help savers.
The Bill seeks to among others expand social security coverage and benefits through enforcing mandatory contributions for all workers in the formal and informal sectors, provide for midterm access to benefits and taxing of benefits for savers who withdraw their savings before attaining 60-years, among others.
NSSF has about 1.5 million members who contribute to the Fund every month and has an asset base of about Shillings 11.3 trillion. The Fund receives about Shillings 1.028 Trillion in member’s contributions annually.