By Wasswa Deo
The National Social Security Fund (NSSF) has collected more than Ugx 100 billion in contributions from its members in the month of June 2017, the Managing Director Richard Byarugaba has confirmed.
It is the first time that the Fund has hit the Ugx 100 billion mark in contributions in a single month. The previous highest mark was Ugx 85 billion that was collected in June 2016.
“This UGX100 billion plus contributions collection performance in a single month is the best ever in the history of the Fund. 2016/17 has been a challenging financial year, but we have come through with yet another collections milestone that is above our monthly collections target of Ugx 77 billion. I applaud all staff at the Fund for their tireless efforts,” he said.
Byarugaba added that he is optimistic the Fund will better last year’s overall financial performance, in spite of the challenges the economy faced in the just concluded financial year, which have had an effect on the business environment.
As a result, the Minister of Finance, Planning & Economic Development Matia Kasaija declared an interest rate of 12.3% interest, worth over Ugx 606 billion credited to NSSF members’ accounts.
Byarugaba could not confirm the new interest rate that the Fund will pay, but said that it will be declared by the Minister, in accordance with the NSSF Act.
The declaration by the Minister will happen possibly in September this year and will depend on how well the Fund has performed. However, he confirmed that the rate will not be less than the 10 year average rate of inflation plus 2 percentage points, which is in line with the FUND’s commitment to pay its members a real return.
NSSF invests in fixed income, real estate and equities. It is the largest institutional investor on the Uganda Securities Exchange (USE) and one of the largest domestic holders of Government of Uganda debt.
By Waswa Deo
The National Social Security Fund has unveiled a voluntary membership plan that will provide employees and workers that are not compelled by the mandatory provisions of NSSF Act the opportunity to voluntarily save for their retirement.
The fund has introduced a mobile money platform through which it will receive voluntary savings.
Speaking at the launch, NSSF Managing director Richard Byarugaba noted that the fund is responding to the need of voluntary saving by many Ugandans as well as enhancing the funds growth strategy in terms of membership and contributions.
He noted that the voluntary saving plan is targeting the potential customer base of close to 2 million workers who do not have any form of social security cover out of about 4 million Ugandans working in formal sector.
This facility will empower both employers and employees to track of their transactions with the fund. This will improve service delivery and ultimately, impact on compliance levels.
According to NSSF managing director , Richard Byarugaba, the member transaction alerts will compliment usage of the fund’s online whistle blower’s platforms where employees can covertly report their employers who default on their NSSF contribution.
The free real time customer transaction alerts system was launched today the start 4th customer connect week.
Byarugaba says the activities lined up include donating medical equipment like beds, mattresses and others worth 200Million to four selected health facilities, free legal service and financial literacy
He adds, that the customer connect is a key initiative in Fund’s strategic plan and shows it’s commitment to excelling in service delivery to the fund’s member.
By Wasswa Deo
The National Social security Fund and Kampala Capital City Authority have launched the second edition of NSSF Hash Seven Hills Run aimed at raising 200 million to renovate Makerere University primary school and Summit Vienna Army primary school in Kampala to create better learning environment.
The run will take place on March 12th and will cover 22 kilometers while traversing seven historical hills in Kampala and these are Kibuli, Old Kampala, Namirembe, Ribaga, Lubiri, Nsambya and Nakasero.
Speaking at the launch, the executive director KCCA has noted that, they still need a lot of funds to effectively improve the infrastructure of the 79 public schools in Kampala
Musisi says by the time was appointed the executive director, infrastructure in Kampala public schools was even worse to an extent that one toilet was serving 100 pupils. “With efforts put in place the situation has changed and one toilet is now serving 50 pupils’’ she added.
Richard Byarugaba, the executive director, NSSF Richard Byarugaba says, this campaign will go far to support education of the underprivileged in the society.
A total of 65 million shillings was collected in the first edition of the run and went to the renovation of Nakivubo settlement primary schools and construction of a water facility at St. Ponsiano Kyamula primary school.
By Wasswa Deo
The ongoing whistle-blower campaign by the National Social Security Fund (NSSF) has recovered over Shs1.8 billion .
Last month, the NSSF unveiled a new web-based whistle-blower platform for aggrieved employees to report employers who fail to remit their contributions to the Fund, as required by the law.
The Head Marketing and Communications, Barbra Teddy Arimi, says, up to 90% of the cases received were through the NSSF Whistle-blower platform, hence it is one of the Fund’s most effective tools to increase compliance levels and recover billions of employees’ contributions meant for their retirement.
According to her, more than 25,000 employers are meant to pay NSSF contributions. However, 12,000 of these are not complying and of the 13,000 who are complying, only 8,900 are consistently remitting NSSF contributions for their employees.
A total of 149 cases received over the last 4 months, January recorded the most cases at 55, followed by October (27).
She added that this is a continuous campaign, urging employees to continue being vigilant and speak out to ensure that their employers remit their savings to the Fund.
By Sania Babirye
The National Social Security Fund NSSF has been dragged to the High Court for allegedly refusing to give an incapacitated patient his savings contributions amounting to more than 11 million shillings.
Ofwono Andrews from Tororo district alleges that Mulago hospital declared him unfit to run his normal duties including working after he developed medical complications with his liver in 2015.
Ofwono further alleges that after being declared unfit to work he applied for his accumulated contributions through NSSFs operations manager but they refused to remit his savings, claiming that his not permanently incapacitated.
By Waswa Deo
The National social security fund is targeting shs900b member contributions by June 2017 from what the fund recorded last year of shillings 785 billion.
According to Fund managing director, Mr Richard Byarugaba, the Fund projects a 15% growth in member contributions this financial year 2016/2017 from what it registered last financial year.
Byarugaba made the remarks at 4th NSSF Annual Members Meeting 2016 at the Kampala Serena Hotel under the theme ‘’ transparency and accountability for members”.
At the same event, 27 Employers were recognized for paying their employees’ salaries on time.
DFCU Bank scooped the overall award followed by Price Water House Coopers, Electricity Regulatory Authority in third, Jubilee Insurance Company of Uganda and Kampala Motors Limited – in that order.
The Members Meeting attracted over 600 people, including NSSF contributors, employers, workers unions’ representatives, government representatives and members of the public.
Photo: Daily Monitor
By Robert Ssegawa
National social security fund has donated 60 million shillings to renovate two Kampala Capital City Authority schools.
NSSF Executive director Richard Byarugaba handed over the cash that was raised under the Hash runner’s project, to KCCA boss Jenifer Musisi.
She says 55 million shillings will be used to change Asbestos roof at Nakivubo settlement primary school while five million will be used to purchase water tanks for St Ponsiano Primary school in Makindye division.
Photo: Ssegawa Robert
By Wasswa Deo
Civil society organizations are urging Uganda government not to dare and use National Social Security Fund savings to bail out the indebted investors.
According to Julius Kapwepwe, executive director of Uganda debt network, NSSF money does not belong to government and it belongs to individual workers.
He says it is a good strategy for government to bail out private enterprises as long as it’s being done in systematic and policy guided manner.
He says before think about bailout strategy, the government in first should deal in addressing economical structural challenges such as high interest rate that the private enterprises continue to borrow money at.
Among the tycoons that are indebted includes, Hamis Kigundu, Patrick Bitatule, Ephraim Ntaganda, Elly Kaluhanga and others.
Photo: NTV Uganda.