Amend The Law Now & Stop Chopping Poor Savers’ NSSF Money: Museveni Orders Finance Minister On URBRA Funding

Amend The Law Now & Stop Chopping Poor Savers’ NSSF Money: Museveni Orders Finance Minister On URBRA Funding

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By Spy Uganda

Kampala: HE.Yoweri Kaguta Museveni has ordered the Ministry of Finance to stop using National Social Security Fund (NSSF) savers’ money in funding the Uganda Retirement Benefits Regulatory Authority (URBRA).

”During the meeting, I held with the Members of Parliament representing the Workers and other Stakeholders, a concern was raised about the levies by the Uganda Retirement Benefits Regulatory Authority on all pension schemes for managing their funds,” partially reads Museveni’s letter.

Museveni in a November 2021 letter addressed to Minister of Finance Hon Matia Kasaija, says that the Authority be funded under the Consolidated Fund adding that if there is a need to amend the regulations, it should be done.

Museveni’s Letter

According to the President, NSSF alone pays around 7bn to the Authority saying that is a lot of money that is deducted from the members’ savings.

President had initially suggested supervision by the Bank of Uganda and the Ministry of Finance Planning and Economic Development since they specialise in dealing with finances but BOU was ruled out technically.

According to the workers’ records, there are 2,000,000 people saving with NSSF and less than 0.1% of about 20,000 people are living with disabilities.

The NSSF fund has grown from a paltry Shs 800 billion with less than 500,000 savers when the NRM government came into power in 1986 to an shs 17trillion fund and over two million savers and growing making it one of the best on the continent.

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