NSSF Assets Hit UGX 8 Trillion

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National Social Security Fund--NSSF has increased its assets hitting the eight-trillion-shillings mark.

National Social Security Fund (NSSF) has increased its assets hitting the eight-trillion-shillings mark.

The Chair of the NSSF Board, Patrick Byabakama Kaberenge, says the Fund grew its value from 6.5 trillion shillings in 2015/16 to eight trillion shillings in 2016/17.

Kaberenge says NSSF's assets value makes it the biggest social security fund in the East African Community.

Kaberenge says despite the subdued economic environment, NSSF is committed to offering interests above a 10-year inflation rate, which stands at 8.6 percent.

The  Chair says they will continue to invest contributors' monies judiciously in order to increase benefits for members.

According to Kaberenge, they want the Fund to grow up to 20 trillion shillings by 2025.

He says that would be made possible by reviewing the NSSF Act and the Uganda Retirement Benefits Regulatory Authority Act.

There are proposals to make the Fund buoyant by venturing into new products for members.

The Managing Director of NSSF, Richard Byarugaba, says although the economy performed poorly, growing at 3.9 percent, the Fund  "performed reasonably well much more than the economy".

Byarugaba says members grew by nine percent, employers grew by 14 percent with 3,000 registered in the last one year.

The MD says compliance was at 80 percent, up from 77 percent the previous year.

According to Byarugaba, in 2016/17 the Fund generated 916 billion shillings in revenues, a record since the Fund was established in 1985.

He says on average the Fund collects 77 billion shillings monthly, adding that in June 2017 they hit 100 billion shillings in a month.