Kampala: Uganda’s National Social Security Fund (NSSF) has declared an interest rate of 10% for its members for the 2022/2023 financial year .
This is higher than the 9.65% interest rate of the previous financial year.
Finance Minister Matia Kasaija in his remarks said the rate equals UGX 1.591 trillion shillings in total.
The minister noted that the interest comes against a tough economic environment
marked by the turmoil in Europe due to the Russia-Ukraine war, investor flight from most of the developing markets back to the US, reduction in value across all East African stock markets and the increased scrutiny that the Fund underwent in the 3rd quarter of the just concluded Financial year.
On her part the Minister for Gender Labour and Social Development Betty Amongi noted that the Fund should not only perform financially but also provide actual social protection to savers.
She called for the Fund to innovate solutions for its members around health and childcare benefits, education, and insurance solutions that offer protection across the lifecycles of members and their dependents.
She also called for the fund to work towards providing affordable housing options to its members.
In her view, with majority of savers having under 50m shillings, the Fund need to offer housing options within this range
Credit: LBS NewsDay