The National Social Security Fund (NSSF) is targeting to grow its assets under management to Shs50 trillion by 2035 from the current Shs22.1 trillion attained as of June 30, 2024.
Dr. David Ogong, Chairperson of the Fund’s Board of Directors, stated that this ambitious target can be achieved through increased member savings and strategic investments in areas such as real estate and equities.
He emphasised the importance of raising awareness to encourage more people to save with NSSF. The Fund’s member contributions rose by 12.2 percent, increasing from Shs1.72 trillion in the Financial Year 2022/23 to Shs1.93 trillion in the Financial Year 2023/24, according to audited financial statements.
At the launch of a livelihood project in partnership with Dero Amon SACCO at Amunga Primary School in Okwang Sub-county, Otuke district, Ogong, representing the Minister of Gender, Labour, and Social Development, Betty Amongi, expressed confidence that NSSF can accumulate assets of Shs50 trillion.
He said the Fund’s Vision 2035 aims to achieve three key objectives: growing the Fund’s assets to Shs50 trillion, extending social security coverage to 50 percent of Uganda’s working population, and achieving a service satisfaction level of 95 percent by 2035.
“As a board, we intend to engage as many people as possible in the informal sector. We want you to be organised so that you set aside a portion of your earnings for the future,” he said.
Meanwhile, the project launched in Okwang Sub-county aims to encourage community engagement in income-generating activities and will benefit 11,000 members of Dero Amon and Dero Kec SACCO.
“The goal is to organise SACCO members, support them, and provide inputs like seeds for commercial production so they can generate income and save with NSSF,” Ogong explained.
He also highlighted that globally, about 55 percent of people lack social protection, with a significant number employed in the informal sector, including agriculture and manufacturing. In Uganda, approximately 80 percent of the workforce is in the informal sector, with many lacking social security coverage. “We want to bring these individuals on board,” he added.
Patrick Ayota, NSSF Managing Director noted that with the amendment in the NSSF law, people like boda boda men, small holder farmers and women groups in areas like Otuke can now save for their future and improve their lives.
“I am glad to say we have registered over 10,000 members. If you look at the young people here, they are the future of this country. We don’t want to wait for them to grow to learn financial literacy. We are going to develop a program for area schools to learn how to make money, grow money and save money,” Ayota said.
Otuke County Member of Parliament Paul Omara commended the partnership supporting Dero Amon SACCO, reinforcing the need for collective efforts in improving social security for all.
Displaying Photos.zi
