President Yoweri Museveni has assented to the National Social Security Fund( NSSF ) Amendment Bill 2021. This is according to State House.
In a tweet post by Linda Nabusayi the senior Presidential Press Secretary, the President assented to the Bill on Tuesday.
” President Yoweri Museveni has assented to the NSSF Bill as amended,” Nabusayi said in a Twitter post on Tuesday.
The assent to the Bill into law, by the President, clears the way for workers to access 20% of their savings with NSSF.
Last year, Parliament passed the NSSF Bill allowing NSSF savers that have saved for over 10 years and have reached 45 of age to access 20 % of their savings.
The NSSF Bill was first passed by the 10th Parliament on February 17, 2021, before it was returned to the House by the President.
The Bill was later re-tabled by the 11th Parliament after the lapse of business of the previous Parliament.
Section 13 ( A) of the new law provides a tough deterrent penalty to employers who deduct a voluntary contribution and fail to remit to the fund.
In accordance with the new law as (passed), an employer who offends this section will pay 20 % of the amount deducted but not remitted.