Voluntary contributors want mid-term access to NSSF savings

PIC: NSSF's Byarugaba (left) chats with a doctor from Kirudu hospital on the first day of the fund's customer connect week. (Courtsey photo) 

SAVINGS

KAMPALA - If you do not work for a company that employs at least five people, you are not legally required to be a member of the National Social Security Fund (NSSF).

However, you can still be a member of the fund—through a voluntary scheme launched last year.

The NSSF managing director, Richard Byarugaba ,says this scheme has the potential of attracting more members if a mid-term access window is added to the fund.

Currently, you can only access your savings after you reach 55 years of age.

"Many possible voluntary contributors to the fund do not want to wait until they are 55 to access their money. They want mid-term access to their funds. The NSSF act should be amended to allow for this," he said.

Byarugaba made the remarks on Monday during the launch of the fund's customer connect week in Kampala.

Activities lined up at the week-long engagement include financial literacy trainings and product education to equip members with financial knowledge. There is also a medical camp to avail free healthcare to surrounding communities.

NSSF wants to grow its asset base to 20 trillion by 2025. Today, the fund is at sh8.4 trillion today. One of the key drivers for this growth will be voluntary contributions.