NSSF Managing Director, Richard Byarugaba

Due to the COVID-19 guidelines in place, the National Social Security Fund (NSSF) will hold its first ever virtual Annual Members Meeting on Monday 28th September 2020.

In a notice to members, the Fund says: “The COVID-19 pandemic has affected livelihoods, the economy and changed the way we operate. What hasn’t changed is our mandate, to collect and preserve our members’ savings and our unwavering commitment to transparency and accountability.

“Therefore, I would like to personally invite you for the Fund’s first Virtual Annual Members Meeting, which will take place on 28th September 2020, starting at 9:00am.”

Among the items for discussion is the state of the Fund, performance for financial year 2019/2020 and the future.

“We will give an account to you our members on the state of the Fund, performance for the financial year 2019/2020 and the future,” the notice signed off by the Managing Director reads in part.

It adds: “You will be able to participate in real time via our online platforms and follow the proceedings on live television. To ensure you do not miss out, register by dialing *254# or visit www.nssfug.org/amm2020/

Meanwhile, the Fund has warned that it may not pay members a double-digit interest rate due to the impact on the COVID-19 pandemic on its operations, even with a 17 percent growth in revenues.

Access to savings

Last week, Parliament halted its earlier decision on the proposed mid-term access to benefits by contributors to NSSF after the lawmakers failed to agree on which group of people and percentage that should be availed.

The NSSF Amendment Bill, 2019 was first presented on the floor of Parliament in August 2019, and has since generated controversy especially on issues regarding the mid-term access of funds, direct lending to government and whether the Fund should return to the Ministry of Gender Labour and Social Development.

In May, MPs on the Gender, Labour and Social Development and the Finance, Planning and Economic Development committees agreed to a revision in the current NSSF Amendment Bill that allows qualifying NSSF Members to access up to 20% of their savings.

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