Silvia Nyambura
Retirement savings scheme National Social Security Fund (NSSF) has increased its interest rates from 11.23 percent in 2013 to 11.5 percent in 2014. This translates to Ushs 366 billion meaning for every Ushs 1million held by a member as at the end of June, Ushs 115,000 extra will be paid to their account. It also means members of the fund will earn Ushs 88 billion more this year.
Making the announcement at the Fund’s head office in Kampala on 1st October 2014, NSSF Acting MD Geraldine SSali said the increase is due to continued growth in both member contributions and investment income. In 2013/14, member contributions grew to Ushs 638.2 billion from Ushs 558 billion in the previous year while income increased by 14.1 percent to Ushs 478.9 billion.
“Overall, our performance has improved because of our aggressive but prudent investment strategy and cost management strategies that kept our cost income ratio at 15 percent better than most funds. Our focus remains to provide a reasonable return to members without compromising the safety of their savings,