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The Parliamentary Select Committee on the state of affairs at Uganda’s National Social Security Fund (NSSF) has released its anxiously-awaited report, recommending that among others, the Minister of Gender, Labour and Social Development, (MGSLD), Hon Betty Amongi Ongom, at whose instigation the probe was constituted, resign immediately. The Hon Mwene Mpaka Rwamirama chaired the probe committee, found the Minister guilty of abuse of office, bordering on corruption as well as going beyond her powers to put the Fund’s board and management under pressure to make certain investments, which is outside her powers and without doing the necessary due diligence. The…
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The National Social Security Fund (NSSF) has defended its performance over the last 10 years before the Parliamentary Select Committee investigating the Fund. The committee is among others examining the circumstances surrounding the appointment of the Fund’s Managing Director, and evaluate the status and safety of savers’ money in the Fund. Chaired by Hon Mwine Mpaka, the Member of Parliament for Mbarara City South, the Committee is composed of Workers MP, Hon Charles Bakkabulindi; Mr. Karim Masaba (Industrial Division, Mbale City), Mr. Michael Kakembo (Entebbe Municipality), Ms. Fortunate Nantongo (Kyotera District Woman), Ms. Laura Kanushu (Persons with Disabilities), and Mr….
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Many of them failed to complete their terms, largely to poor management and subsequently poor performance. Others are serving prison terms due to integrity issues. It was not until 2010, and the appointment of banker, Richard Byarugaba that the elusive security in social security returned to the Fund as these infographics show. MEMBER CONTRIBUTIONS: With an economy reeling from the effects of 2 Covid-19 related lockdowns and depressed economic growth, NSSF still registered an 8% growth in member contributions, from UGX1.27 trillion to UGX1.37 trillion, 3 percentage points better than the 5% growth rate in 2019/20. In the 12 years,…
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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 the Fund’s operations and performance in the last 2 quarters of Financial Year 2019/2020. “The economy contracted by 3.2% in the second quarter of 2020 and economic growth projections dropped to 3% to 4.0% compared…
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For argument’s sake one can always dismiss Richard Byarugaba’s performance at National Social Security Fund (NSSF)- afterall the employers have no choice but to contribute; it is a statutory obligation. But that statutory obligation had always existed since 1985 when the Fund was founded by an Act of Parliament, but the kind of double digit growth present at the Fund was not always there. Neither has NSSF ever enjoyed the kind of scandal-free calm and stability, like has been witnessed especially in the last 5 years.
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