NSSF to open up
Apr 15, 2007
THE National Social Security Fund (NSSF) plans to allow its members access part of their savings for development purposes.
By Josephine Maseruka
THE National Social Security Fund (NSSF) plans to allow its members access part of their savings for development purposes.
The percentage of the money to be accessed by the members will be minimal so as not to affect the fund’s operations, David Chandi, the managing director, disclosed over the weekend.
The fund is also consulting with other pension institutions in the East African Community with the intention of launching new products like maternity and HIV/AIDS risk insurances.
Chandi said the move, still under consideration, is aimed at helping members utilise their savings in useful ventures.
He explained that members will be required to provide project proposals before they can be allowed to get the money.
This will be a shift from the usual system where members only access their savings after attaining 55 years of age, become incapacitated or leave the country.
Chandi added that under a five-year strategic plan, the fund will reverse the bad public investment image.
He noted that by 2011 the fund would be worth sh750b from the annual income generation of sh40b to sh70b.
“NSSF is one of the most profit-making institutions in Uganda only second to Stanbic Bank. We made sh40b in profits in 2006 and we have paid 96% to our accredited members,†Chandi explained.
THE National Social Security Fund (NSSF) plans to allow its members access part of their savings for development purposes.
The percentage of the money to be accessed by the members will be minimal so as not to affect the fund’s operations, David Chandi, the managing director, disclosed over the weekend.
The fund is also consulting with other pension institutions in the East African Community with the intention of launching new products like maternity and HIV/AIDS risk insurances.
Chandi said the move, still under consideration, is aimed at helping members utilise their savings in useful ventures.
He explained that members will be required to provide project proposals before they can be allowed to get the money.
This will be a shift from the usual system where members only access their savings after attaining 55 years of age, become incapacitated or leave the country.
Chandi added that under a five-year strategic plan, the fund will reverse the bad public investment image.
He noted that by 2011 the fund would be worth sh750b from the annual income generation of sh40b to sh70b.
“NSSF is one of the most profit-making institutions in Uganda only second to Stanbic Bank. We made sh40b in profits in 2006 and we have paid 96% to our accredited members,†Chandi explained.