The Managing Director of the National Social Security Fund (NSSF) Richard Byarugaba has said that the Fund is ready to implement the NSSF Amendment Act if the bill seeking to have its member’s access to midterm benefits is enacted into law.
Yesterday, President Yoweri Museveni agreed to the workers’ mid-term access to their savings in the NSSF and directed the Minister for Gender, Labour and Social Development Betty Amongi to make changes to the bill and return it for consent.
If enacted into law, the mid-term access clause 24 A (2) OF NSSF Amendment bill 2019, will allow members who are 45 years and above and have contributed to the Fund for 10 years to access 20% of their benefits.
The commencement date will be set in the statutory instrument; supervision of the fund is by the Ministry of Finance, while the NSSF MD is a member of the Board of directors.
Speaking at Workers House Byarugaba said that the Fund advised its members that the president’s announcement does not mean that the NSSF Amendment bill 2019 has been enacted into law.
“Like other Bills, NSSF Amendment bill 2019 will be returned to parliament for further processing. The bill will be enacted into law after parliament has returned to the president and he has assented to it.”
“Upon its enactment, regulations to operationalise the midterm access clause will be developed and issued by the minister responsible for the Fund, at which point members will access their midterm benefits.”
He said the Fund has no control over this but remains committed to support the speedy enactment of the NSSF Amendment bill 2019 and thereafter the implementation of the NSSF Amendment Act.