President Yoweri Kaguta Museveni has today signed into law the National Social Security Fund – NSSF (Amendment) Bill, 2021. This was revealed by Senior Press Secretary Lindah Nabusayi in a statement.
In May last year, Members of Parliament agreed to a revision in the current NSSF Amendment Bill that allows qualifying NSSF Members to access up to 20% of their savings.
To qualify, for midterm access, a member will need to have saved for more than 15 years and be below 45 years of Age or between 45 and 55 years, but has saved for more than 10 years.
At the time, NSSF Managing Director, Richard Byarugaba said that NSSF was ready and willing to pay qualifying members, provided a supporting law- the NSSF Amendment Bill in Parliament was passed.
“We must clarify that the current legislation, NSSF Act Cap 222, that governs the Fund’s operations does not provide for mid-term benefits and regrettably has limited our ability to offer you new benefits. Before the outbreak of the COVID-19 pandemic, together with various stakeholders especially the Trade Unions, the Fund strongly supported amendments to the NSSF Act which among other changes provides for additional benefits to the existing age benefits, invalidity benefit and survivors benefit,” Byarugaba told members.
