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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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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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