The National Social Security Fund (NSSF) Managing Director, Richard Byarugaba, has appealed to the workers in the Northern region to urge their Members of Parliament to pass the NSSF Amendment Bill.
The Fund’s Managing Director made these remarks while speaking to hundreds of workers who had turned up for the fourth regional employer’s meeting held at Boamah Hotel in Gulu districts on Wednesday.
Byarugaba explained that the Bill will increase coverage from the current law that focuses on only the companies that have more than 5 employees, increase saver’s benefits, unlike the current law that allows only 15% from the employer (10%) and the
employee (5%). The bill will enhance innovations at the fund. “Encourage your MPs to pass our Law. It will allow us to provide you with products that are relevant to your daily life. This law will permit our members to top up on their monthly contributions and also contribute even when you have withdrawn their benefits and they are out active employment. “With the new law, employers of less five employees will be allowed to register their employees with the Fund and will become active members of the Fund” Byarugaba added.
The law was brought to Parliament towards the end of last year but has since not been passed. The Fund is still optimistic despite the prolonged delays by the Parliament to pass the law. “The new law will come with a lot of benefits, such as increasing saving and investment opportunities for the members,” Byarugaba said, adding that there is a big contribution to
the fund. Simon Ojok, one of the participants, proposed that the NSSF should consider teaching its members how to invest their savings after retirement.
Apollo Mboowa Kibirango, Fund’s Customer Financial Advisor said that they conduct financial literacy exercises to the workers countrywide to improve their savings and investment. He encouraged the members to focus more on the 95% of their salary rather than the 5% saved with NSSF because it’s entirely a retirement package.
Byarugaba advised the members present to desist from investing a lot of their money in constructing expensive homes, expensive parties, and land, but instead, opt for treasury bills and bonds in profit Banks.
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