Just over a month since Parliament passed the National Social Security Fund (Amendment) Bill, 2021 which will among others provide midterm access to the contributors and remove restrictions on access for voluntary savings, President Yoweri Kaguta Tibuhaburwa has assented to the piece of legislation.
The NSSF Bill was first passed by the 10th Parliament on February 17, 2021 before it was returned to the House by President Yoweri Museveni and later re-tabled by the 11th Parliament after the lapse of business of the previous Parliament.
Senior presidential press secretary Lindah Wamboka Nabusayi has confirmed that Museveni has signed the NSSF Bill into law.
“President Museveni has assented to the NSSF Bill as amended,” wrote Nabusayi.
Presidential assent now means that a considerable number of Ugandans saving with the Fund will now receive part of their money after saving for a decade.
According to the new law, those aged 45 and above, and have saved with NSSF for at least 10 years, will be allowed access to 20 per cent of their savings.
NSSF has Shs15.6tn in savings.
The social security fund has a total of two million savers.
Out of these, only 93,000 are aged 45 and have saved for a decade and above — and are therefore eligible to access part of their savings under the new law.
