NSSF announces 11% on savings this year - National | NTV

NSSF announces 11% on savings this year

By MARTIN LUTHER OKETCH

Friday September 27, 2019

Minister of finance, planning and economic development, Mr Matia Kasaija addressing NSSF members during the Fund's 7th annual members' meeting in Kampala on September 27, 2019. 

The minister of finance, planning and economic development, Mr Matia Kasaija has declared interest rate of 11 per cent to NSSF members for the financial year 2018/19.


This interest is however, lower than the 15 per cent the fund declared last year (2017/18).

Mr Kasaija said in spite of Uganda’s economic growth by 6 percent in financial year 2016/2017, some sectors, such as the equity and foreign exchange markets were not as competitive as per projections.


“Ugandan economy, like I have said many times this year, has recovered from the shocks of 2016/2017, and has picked momentum, growing at over 6% last Financial Year.

This year, we even project a better economic growth. In spite of this growth, some sectors, such as the equity and foreign exchange markets were not as competitive as per projections.

Our shilling strengthened against major currencies,” Mr Kasaija made the remarks during NSSF's 7th annual members' meeting in Kampala on Friday.

The minister further observed that the Fund size grew by over 13 percent and contributions from workers increased by 17 percent from Shs1.049 trillion to Shs1.208 trillion.


“This is quite impressive. In exercise of the powers conferred upon me by Section 35 (2) of the National Social Security Fund (NSSF) Act, and after consultation with the Board of Directors, I am pleased to declare that the Fund will pay you a very competitive interest rate,” the minister added.