National Social Security Found Managing Director Richard Byarugaba has said the Fund has the money of paying out 20 per cent to it’s savers but that has to wait for the law.
Byarugaba said that following widespread outcry triggered by the #Covid-19 pandemic,the Fund reached out to the Finance Minister regarding 20 per cent payment.
“Following the outcry,we shared with our line Minister our understanding of the worst case scenario of the implications of the proposal to pay out unplanned 20 per cent of the Fund to it’s members,”Byarugaba said.
Byarugaba however explained that 20 per cent payments can only be made if the NSSF Act is amended.
The NSSF Amendment Bill is currently before Cabinet.
Mr Byarugaba said if the NSSF Act is amended,it will expand social security to Ugandans and also improve the adequacy of state benefits to it’s members.
He added:”It will also provide short and long term benefits to it’s members during their working time to cover needs such as unemployment, income replacement, medical and housing”.