Very soon, Ugandans 45 yrs and above who have saved money with NSSF will have access to withdrawing 20 percent of their savings.
This is after Parliament passed the National Social Security Fund- NSSF Bill 2019, that that had been in contention since September last year.
MPs had disagreed over the clauses relating to midterm access and the supervision of the funds.
Speaker Rebecca Kadaga resolved that there should be double management of the fund with the Minister of Finance in charge of the money and its investment while the Ministry of Gender should handle the social issues affecting the savers.
Sam Lyomoki, the Workers MP welcomed the bill and said that supervision of the fund is now understandable
The Bill was tabled in 2019 by the state for Youth and Children Affairs Minister, Florence Nakiwala Kiyingi.
It sought to to establish a stakeholder board, provide for midterm access to voluntary contributions and enhance fines, and also 29 amendments to expand social security coverage through mandatory contributions of all workers regardless of the size of the enterprise or number of workers.
