By Our Reporter
The National Social Security Fund (NSSF) will credit its members’ accounts with 12.3% interest rate for the last Financial Year, worth over Ushs 606 billion up from Ushs 516 billion in the previous year.
The Minister of Finance, Planning and Economic Development, Hon Matia Kasaija, told journalists today at a press conference held at the NSSF Workers House in Kampala that although the interest rate slightly dropped from 13% paid out the previous year, it was still a good rate given the difficult economic environment the Fund operated in during that financial year.
“The rate this year is above the 10-year average rate of inflation, now at the 8.85%, against which the Fund rates itself. This means NSSF is indeed growing the value of its members’ savings. In addition, a further breakdown shows that the 12.3% interest rate I have declared translates into Ushs 606 billion that will be credited to members, a 17% increase, compared to Ushs 516 billion that was paid out the previous year. In effect, NSSF members will earn Ushs 90 billion more compared to the previous year,
