The Finance Minister Hon. Matia Kasaija has congratulated the National Social Security Fund (NSSF) team upon delivering a remarkable performance in the 2019/2020 in spite of the challenging macro environment. This was during the Fund’s Annual Members Meeting held virtually due to the Coronavirus pandemic.
This comes after NSSF declared an interest rate of 10.75% for this financial year 2019/2020. The rate declared translates into a total of shs1.14trillion that will be credited to the fund’s more than two million members’ accounts.
This is higher than the shs933 billion that was paid to members in the last financial year.
The NSSF Managing Director, Richard Byarugaba reechoed the fund’s resilience in the tough operating environment saying many businesses both locally and globally are either closing down or seeking solutions for survival rather than expansion adding that the Fund has been able to absorb the shocks as evidenced from the performance.
The NSSF Board of Directors chairperson, Patrick Kaberenge reassured members that the fund was still committed to preserving value for their savings, adding that the return earned had remained stable despite a tough investment environment characterized by a strong shilling and depressed equity markets.
This comes almost a fortnight after NSSF introduced online and on-mobile submissions of benefits claims for their members who qualified for withdrawal of their savings.