COVID-19 hurts NSSF earnings; management warns, last year’s double-digit interest rates may not be sustained
NSSF Managing Director Patrick Byarugaba (left) and Deputy Managing Director Patrick Ayota address the media last year. The Fund's management has warned that due to Covid-19 related economic stress, last year's double digit interest rates may not be sustained.
Despite a 17 percent growth in revenues, the National Social Security Fund (NSSF) has warned, it is unlikely to pay members a double-digit interest rate due to the impact on the COVID-19 pandemic on its operations.
In a virtual media conference NSSF Managing Director Richard Byarugaba said that the economic downturn in Uganda and East Africa resulting from the impact of the pandemic did affect