Savers with the National Social Security Fund will be paid Shs 606 billion shillings for the financial year 2015/2016, at a rate of 12.3 percent, down from 13 percent for the previous financial year.
According to finance minister Matia Kasaija, the new rate announced by is 0.7 percent less than the previous rate owing to turbulences that affected economies across the East African region including Uganda’s, which grew by only 4.6 percent.
However, according to the Minister, the Fund’s financial portfolio has grown form Shs 5.6 trillion to Shs 6.5 trillion, an increment of Shs 900 billion, representing an 18% increase in the FY 2015/2016. Mr Kasaija also noted that the new rate is above the 10-year average rate of inflation now at 8.85%, and called upon the Ugandan business community to raise their ante.
“I look forward to coming back next year to see better things,” Mr Kasaija said, urging the media to disseminate useful information to the public and to also protect the reputation of Uganda.
NSSF Board Chairman Patrick Byabakama Kaberenge noted that members’ savings are secure and that the Fund will continue to seek viable investment.
NSSF Managing Director Richard Byarugaba was optimistic the Fund would grow and serve its members better and said that benefits paid out to qualifying members had also increased by 28%, from Ushs 187 billion to Ushs 239 billion.
Mr Byarugaba also said that the Fund registered a profit after tax of Ushs 491 billion, noting however that the Fund’s performance was mainly affected by stock markets.
According to NSSF, the speed at which it will pay members claims in FY 2015/16 is eight days, and several savers, posting on their Facebook and Twitter platforms, expressed satisfaction with the Fund’s performance.