National Social Security Fund NSSF and savers have a reason to smile after Parliament agreed to a 20% mid term access.
Savers have been praying for a 20% access to their savings to help them during the hard times due to the Covid-19 pandemic.
NSSF managing director Richard Byarugaba early this week confirmed to savers that the fund is welcome to the idea of savers accessing 20% of their savings.
Byarugaba in a press release seen by Galaxy FM, stated: “NSSF supports mid-term benefits to members. The Fund remains committed to you, our member and will never tire from promoting and protecting your interests.”
Savers prayers were answered by Parliament on Friday afternoon when Henry Musasizi, Chairperson Finance Committee confirmed to savers the new development.
Musasizi said: “We have okayed a 20% mid-term access to worker’s savings under the National Social Security Fund (NSSF).”
He added: “The amendments proposed in the NSSF Amendment Bill allow workers who have saved for over 15 years but are below 45 years of age to have access to 20% of their savings.”
Workers’ MP Sam Lyomoki confirmed that NSSF mid-term Access law will span to both voluntary and mandatory contributors in new changes to the law considered by the committee.
MPs Michael Mawanda, Igara East and Arinaitwe Rwakajara, worker’s representative all agreed savers access part of their savings during this difficult period.
The amendment to the law is being fronted to allow members access benefits before the retirement age.
Award winning journalist and writer who has worked as a stringer for a couple of acclaimed South Africa based German journalists, covered 3 Ugandan elections, 2008 Kenya election crisis, with interests in business and sports reporting.