NSSF to vomit sh1.4 Trillions for 88,000 savers

The government is planning to amend the National Social Security Fund Act to allow more contributors who clock 45 years and may not have saved consistently for ten years to access 20% of their savings, commonly known as the Mid-term access benefit.

Labour minister, Betty Amongi and the Chairman of the National Organization of Trade Unions, Usher Wilson revealed this during the International Labour day celebrations in Kampala.

In accordance with the National Social Security Act (2022), the National Social Security Fund (NSSF) commenced payments to eligible members for the ‘Mid-term access’ in respect to Section 20A (1), (2), effective March 17th.

However, a total of 88,000 contributors were tactfully knocked out using an administrative regulation. Although the law on Mid-term access is very clear and stipulates that a person, who is 45 years and above and has saved for 10 years; he or she should access their money, it was ignored.

The well calculated move vexed Ugandans, who have incessantly complained to the line Minister, who is the Labour Minister, Betty Amongi. The minister revealed this during the International Labour Day celebrations ant Kololo.

The “mafia team,” had in mind a wicked plan of embezzling money for the 88,000 contributors, which is estimated at sh1.4 Trillion.

NSSF said only 41,174 members were eligible for mid term benefits access as of March 1, 2022. Qualifying members who had updated their contact details received a confirmatory SMS before accessing their cash.

Section 24A of the Bill provides that “a member who is forty-five years of age and above and who has made contributions to the Fund for at least 10 years is eligible to mid-term access to his or her benefits of a sum not exceeding 20% of his or her accrued benefits”.

The mafia team playing with words to justify their theft.  The two words, “contribution and saving,” helped them to torment contributors. Nevertheless, they are not withstanding the pressure from the needy contributors. They must amend the Act and clear the air.