- Members will share UGX 1.591 trillion
- Member contributions increased by 15.4%
The National Social Security Fund has today 26th sept declared an interest rate of 10% on member savings for the financial year 2022/23, translating into UGX 1.591 trillion that will be credited to member accounts.
The interest rate that is higher than last financial year’s 9.65%, was announced by Hon. Matia Kasaija, the Minister of Finance, Planning and Economic Development at the Fund’s 11th Annual Members Meeting held at the Kampala Serena Hotel in Kampala.
Hon. Kasaija commended the Fund for posting a remarkable performance on almost all the Key Performance Indicators despite a challenging environment characterized by turmoil in Europe due to the Russia -Ukraine war, the investor flight from most of the developing markets back to the US, reduction in value across all East African stock markets and the increased scrutiny that the Fund underwent in the 3rd quarter of the just concluded Financial year
“I am especially glad that the Fund’s assets registered growth again from UGX 17.26 trillion in Financial Year 2021/22 to UGX 18.56 trillion in Financial Year 2023/24. Many naysayers did not imagine the possibility of growing this Fund to UGX 20 trillion. That you will achieve that strategic objective a year ahead of schedule is laudable.” Hon. Kasaija said.
I am glad that the total realised income earned increased by 15% from Ugx 1.9 trillion in the Financial Year 2021/22 to Ugx 2.2 trillion in the Financial Year 2022/23. He added.
Hon. Betty Amongi, the Minister of Gender, Labour and Social Development also lauded the Fund’s performance but challenged it to create more solutions that will further address social protection in line with the International Labour Organization, the global body charged with developing international policies and programmes to improve working and living conditions worldwide.
Image: NSSF
She promised to fast track and issue regulations to operationalize several benefits/ products that the Fund was innovating to provide more value to members beyond a good return.
Patrick Ayota, the Fund’s Managing Director who presented the Fund’s performance results at the meeting, also highlighted its sustainability agenda that included support to local entrepreneurs to scale and create jobs as well as the Fund’s interventions in health and education.
Financial Year 2023/24 Performance Summary
Assets Under Management (AUM) increased by 7.5% from UGX 17.26 trillion in Financial Year 2021/22 to UGX 18.56 trillion in Financial Year 2023/24.
Member contributions increased by 15.4% from Ugx 1.49 trillion in Financial Year 2021/22 to Ugx 1.72 trillion in Financial Year 2022/23
Total Realised Income earned increased by 15% from Ugx 1.9 trillion in the Financial Year 2022/22 to Ugx 2.2 trillion in the Financial Year 2022/23
Benefits paid to qualifying members increased by 1% from Ugx 1.189 trillion in the Financial Year 2021/22 to Ugx 1.199 trillion in the Financial Year 2022/23.
The cost-to-income ratio improved from 11.7% in the Financial Year 2021/22 to 9.4% in the Financial Year 2022/23
Cost Management – our cost of administration reduced from 1.18% of total assets to 1.02%.
Rate of Compliance slightly improved from 55% in Financial Year 2021/22 to 57% in Financial Year 2022/23
Customer Satisfaction increased from 83% in the Financial Year 2021/22 to 86% in the Financial Year 2022/23
Staff Satisfaction slightly reduced from 85% in the Financial Year 2021/22 to 82% in the Financial Year 2022/23