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I understand the Finance, Planning and Economic Development Committee which you chair, together with the Gender, Labour and Social Development Committee are spearheading the process to amend the NSSF law. How far have we gone, especially on the issue of partial access to member savings? Yes, we are handling the NSSF Amendment Bill. Last week, we built a consensus on the famous mid-term access. Basically 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 be between 45 and 55 years old and has saved…
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Dear Esteemed Member, The global outbreak of COVID-19 has disrupted all economies around the world. The rapid spread of the virus has posed massive health, economic and social challenges to everyone. In order to limit the transmission of the disease, our leaders implemented measures including the complete lock down of certain parts of the economy. These measures have helped Uganda to avoid the deadly human toll seen in other countries. However, the unavoidable disruption to economic activities has raised unemployment levels in recent months. Consequently, we have witnessed a heightened level of stress among our members that have lost means…
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Good afternoon Sir. Yesterday you asked for my opinion on the letter NSSF wrote to the Minister with regards to the Covid-19 relief for its members: Paying of 20% of each member’s balance. I’m not sure if the minister also asked Management to indulge in the Macro economic impact of this “transaction” but I think that would be MoFPED and Central Bank to competently handle macroeconomic policy and give the final position. NSSF management should concern themselves with their primary strand of responsibility- providing social security to its members. There’s a school of thought on the theory of the half…
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Fearmongering or scaremongering is the deliberate act of spreading frightening and exaggerated information with an intention of arousing public fear or alarm about a particular issue. Those who engage in fearmongering, often give a one-sided story that tends to fuel their desired impact and more often are likely to engage in selective amnesia so as to achieve their one-sided narrative. A leaked letter by Richard Byarugaba, the National Social Security Fund (NSSF) Managing Director, to the Minister of Finance, Hon Matia Kasaija in response to growing calls by NSSF members, to be granted a portion of their savings- at least…
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The National Social Security Fund has today 31st March 2020, announced measures to allow businesses/employers facing economic distress to reschedule their NSSF contributions for the next three months without accumulating a penalty. This follows a failure by 33% of employers to remit their February 2020 contributions- which should have been filed by 15th March 2020. “The decision is informed by the fact that some employers are grappling with inadequate cash flows, stemming from limited consumer demand and disruptions in supply value chains. The Fund’s internal analysis indicates that the number of contributing employers in the mentioned sectors has declined by…
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