Savers with National Social Security Fund (NSSF) are set to earn big after a declared interest rate of 10.75% for the financial year 2019/2020.
This was by Minister of Finance, Planning and Economic Development Matia Kasaija announced the development, during the Fund’s 8th Annual Members Meeting in Kampala.
At least Uganda shillings UGX1.14trillion will be credited to NSSF more than two million members’ accounts. This is higher than the UGX933 billion that was paid to members in 2018/2019 financial year.
But the economic slowdown by the COVID-19 pandemic and deferment of dividend payments by Bank of Uganda also affected NSSF collections.
The mid-term access of savings by members and the NSSF amendment bill 2020 featured prominently in the annual virtual members meeting.
In the fiscal year 2019/2020 the fund’s Assets under Management grew by 17% from UGX11.3 trillion to UGX13.3 trillion and the total revenue increased by 17%.
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