Sh500bn midterm access to be cashed next month

National Social Security Fund (NSSF) has confirmed that the Fund is ready to pay-off  eligible savers  their midterm access benefits starting next month if the NSSF Amendment Bill 2021 is enacted into law.

The NSSF Managing Director Richard Byarugaba said the fund is finalizing a shift in the Fund system to allow a smooth pay out.

He said there is need  to undertake a complete overhaul in the fund’s financial management systems  to conform with the new order.

Byarugaba refuted claims that they are against paying out mid term access to the savers  and that the fund lacked money to effect the payments .

The NSSF Director announced  that they project to pay out over sh500b to beneficiaries under the 20% midterm access to savers who have attained 45 years and above, and have saved with the fund for at least 10 years..

Speaker of Uganda Parliament Hon Jacob Oulanyah shocked workers recently when he said all pending business (bills) of the 10th Parliament would be re-tabled afresh.

Among the contentious bills was the NSSF Amendment Bill (2019) that sought to grant 20% access to the beneficiaries.

Stakeholders had concluded discussions with President Yoweri Museveni and only awaited modifications in the draft bill.

However workers sighed relief  after government reintroduced the Bill, which was tabled in the House, September 29th,2021 for  the first reading on September 29.

Gender, Labour and Social Development, Minster Betty Amongi, has assured Ugandans that government would fast-track the bill and have the law enacted  by end of November this year.

” We are working  tireless  to ensure we conclude the Bill within 30 days and it is handed to the President to assent,” She said.

The Minister said the process should be smoother since the President had already incorporated his views when he held a meeting with workers’ leaders, employers and government officials.

In bid to fast – track the process the 11th Parliament has waived a number of provisions in the elaborate process of making a Law to allow speedy process of the Bill.

The processing by the committee  was expected to be concluded by October 8,  before the bill returned to the House for the second reading.

The President has 30 days to assent or return the Bill to Parliament for further action. Workers who had gotten disgruntled after the bill was deferred  to the 11th Parliament are now upbeat.