NSSF MIDTERM ACCESS: Wait for Amendment Bill to become law, Fund tells members

The National Social Security Fund (NSSF) will act on midterm access once the NSSF Amendment Bill 2019 becomes law.

President Museveni ’s Wednesday pronouncement on the midterm access clause of the Bill, according to the Fund, does not mean that it immediately takes effect.

In a statement issued on August 5, Richard Byarugaba, the NSSF Managing Director says: “The Fund has received several inquiries following the President’s pronouncement on the midterm access clause 24 A (2) of the NSSF Amendment Bill 2019, to allow members who are 45 years and above, and have contributed to the Fund for 10 years to access up to 20% of their accrued benefits. The Fund advises its members that this announcement does not now mean that the NSSF Amendment Bill has been enacted into law.”

Byarugaba adds: “Like all other bills, the NSSF Amendment Bill (2019) will be returned to Parliament by the President for further processing. The Bill shall be enacted into law only after Parliament has returned it to the President and he has assented to it.”

On how fast the members can access the funds incase the bill becomes law: “The Fund has no control over this process but remains committed to support the speedy enactment of the NSSF Amendment Bill (2019) and thereafter the implementation of the NSSF Amendment Act,” Byarugaba says in the statement.

On Wednesday, the President agreed to the workers’ mid-term access after a charged up debate between the top management of NSSF and Workers’ representatives.

The President’s decision means that anyone aged 45 years and above, who has saved with NSSF for at least 10 years can access up to 20% of their savings.