By Spy Uganda
Kampala: Workers who have been saving their money with National Social Security Fund (NSSF) can’t wait to jubilate after President Yoweri Kaguta Museveni assented to the NSSF amendment bill 2021.
The good news has been revealed by the Deputy Presidential Press Secretary-Faruk Kirunda.
H.E @KagutaMuseveni has assented to the National Social Security Fund (Amendment) Bill 2021. Congratulations to Parliament, savers and all stakeholders for their input in the process. FK
— Faruk Kirunda (@kirunda_faruk) January 4, 2022
“H.E @KagutaMuseveni has assented to the National Social Security Fund (Amendment) Bill 2021. Congratulations to Parliament, savers and all stakeholders for their input in the process,” says Kirunda.
Parliament passed this Bill which will among others provide midterm access to the contributors and remove restrictions on access for voluntary savings in November 2021.
The House voted to amend Section 24A of the principal Act to allow workers who are 45 years and above and have saved for at least 10 years to have midterm access of up to 20 per cent of their savings, whereas Persons With Disabilities (PWDs) who have saved with the Fund for more than 10 years can have access of up to 50 per cent of their accrued savings.
This NSSF Bill was first passed by the 10th Parliament on 17 February 2021 before it was returned to the House by President Museveni and later re-tabled by the 11th Parliament after the lapse of business of the previous Parliament.
During the debate of the Bill, MPs agreed that only mandatory contributors are eligible for midterm access subject to their age and years of contribution, while voluntary contributors will have access to their savings as and when they so wish.