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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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First of all, what lessons does Covid-19 pandemic remind us all about savings, social security and the uncertainties of life? Covid-19 underlines to us the very need for savings. It underlines the reality that life comes with uncertainties, and that there are rainy days and in our particular time, we have even seen floods and locusts; therefore, there is always a need to prepare for these uncertainties. The occurrence of such pandemics is a reminder that life is not always bright; it is not always as planned and therefore as human beings we need to have savings and social security;…
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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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“When you are faced by a prospect of famine, your first impulse should not be to go after the only planting seeds you have kept in your granary for the next planting season. That would be a strategically wrong move.” That is how Richard Byarugaba, the National Social Security Fund (NSSF) Managing Director, summarises the calls by some members of the public to be allowed to access part of their NSSF savings- to defend themselves against the potential negative impacts of Covid-19 on both the economy, especially their personal economy. Opposition stalwart, Dr. Kizza Besigye sparked off this debate about…
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