Museveni assents NSSF Amendment 2021 Bill into law
President Yoweri Kaguta Museveni has approved and signed the
provision in the NSSF Amendment Bill 2021 into law after multiple rumors that
he was going to reject the amendment had been circulating over the last year
for his decision. (On 4th January 4, 2022)
The provision in the Amendment is to enable members who age
45 years and above who have saved with National Social Security Fund organization
for at least 10 years midterm access to 20% of their personal savings for
uncertainty during their time before retirement.
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| Museveni signs the NSSF Amendment Bill |
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NSSF which indicated that only 5% of its member have savings
summing to 50 million Ugandan shillings out of the 2 million
NSSF also indicated that over 84% of its members have
savings below 10 Uganda million Ugandan shillings
The amendment signed by the President Museveni is meant that the organization NSSF requires 902 billion
Ugandan Shillings to be able to pay the required by the eligible members to the
midterm access.
The Amendment in the NSSF Bill now enables eligible
members of the Social Security Fund to access 20% of their funds
