Finance Minister Matia Kasaija has hailed the National Social Security Fund-NSSF a job well done in ensuring give its savers get an added bonus on their savings starting this Financial year.
This comes as the NSSF has amended its interest on savings to 12.15 percent for the year 2020/2021, an increase from 10.75 percent last financial year.
Kaisaija says NSSF has worked hard in the past year regardless of the difficult times to achieve such a milestone for its savers .
This new interest means 1.52 trillion Shillings will be deposited and distributed on the saver’s accounts.
Kasaija announced at the NSSF member’s Annual General Meeting: “In exercise of the powers conferred upon me by section 35(2) of the NSSF Act, I have the pleasure to declare an interest of 12.15% to be paid in interest to members for the Financial Year 2020/2021. I am aware that this growth is not by accident but has been borne out of a deliberate vision and strategic focus. I would therefore like to applaud the Board and Management for a job well done. The Fund will also have the mandate to innovate new benefits for its members. Exponential growth of Asset Size; the Fund will have latitude to collect even more savings from mandatory members in form of voluntary basis”
Kasaija says the fund has been consistent in the past six years of which he has been at the helm of managing. Kasaija was appointed to the new board of directors in September 2021.
“For over six years that I have been Minister of Finance, Planning and Economic Development, charged with overseeing the Fund, the Fund has registered growth every year across its key performance indicators,” Kasaija said
NSSF is the largest pension fund in the countries of the East African Community, with assets of USh15.56 trillion (approx. US$4.406 billion), as of June 2021.
The Fund’s total assets under management (the size of the fund) grew 17.1 per cent from 13.28 trillion shillings to 15.56 trillion. This is above the targeted 15.01 trillion Shillings.
According to its financial statements for the year ending 30 June 2014, NSSF had UGX:2.65 trillion in government treasury bonds (with yields ranging from 10.25 to 14.35 percent),
UGX:682.1 billion on deposit with commercial banks, UGX:251.3 billion in equity investments
UGX:250.2 billion in capital work-in-progress
UGX:193.7 billion in investment properties
UGX:143.2 billion in corporate bonds (with yields ranging from 11.03 to 17.00 percent)
UGX:73.3 billion in equity securities held-for-trading by fund managers (HFT)
UGX:14.6 billion in cash and bank balances.
