Parliament pass NSSF Bill, as savers get 20% mid-term access to savings

nssf bill

Speaker of Parliament Jacob Oulanya

Parliament has passed the National Social Security Fund (Amendment) Bill, 2021 allowing 20 percent midterm access to the contributors who have saved for over 10 years and are 45 years old.

The bill also streamlined the supervision of the 15 trillion shilling fund between the Ministries of Gender and of Finance. The workers, government, and the Gender committee agreed to have the Ministry of Gender supervise the social security aspect, while the Ministry of Finance will be in charge of the finance and investment aspects.

The bill also provided for voluntary savings and made it mandatory for employers to remit NSSF savings for workers irrespective of the number of employees.

Although the 10th Parliament had passed the bill, it was never assented to by the president and it was considered as business that lapsed by the 11th Parliament.

following months of waiting, the bill has been passed by Parliament. The Speaker of Parliament Jacob Oulanyah said that he can now rest as he has been receiving numerous phone calls from workers in regards to the bill.

The Minister of Lands Betty Amongi said she was glad that the bill was passed and Ugandans can now get midterm savings.

Laura Kanushu Opori (NRM, PWD National) welcomed the bill saying the fact that the bill allows persons with disabilities to access 50 percent of their savings at 40 years makes it a big win for them.

Usher Wilson Owere, the Chairperson National Organization of Trade Union (NOTU) who was present at Parliament could not hide his excitement on the passing of the bill. He says the bill was long overdue. Owere now says Ugandans who want midterm access will only wait for the President to assent to the bill.

Hon. David Stephen Mugole (NRM, Kabweri County) said the NSSF midterm access is great news for the informal sector and medium employers.

The Bill will become an act of Parliament once it is accented to by the President. The President has 30 days to assent to the Bill.

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