{"id":10001,"date":"2023-09-26T16:04:22","date_gmt":"2023-09-26T16:04:22","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=10001"},"modified":"2023-09-26T16:10:14","modified_gmt":"2023-09-26T16:10:14","slug":"after-a-protracted-leadership-row-ugandas-nssf-declares-10-interest-for-its-members","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/after-a-protracted-leadership-row-ugandas-nssf-declares-10-interest-for-its-members\/","title":{"rendered":"After a protracted leadership row, Uganda\u2019s NSSF declares 10% interest for its members"},"content":{"rendered":"\n

After a protracted leadership row Uganda\u2019s  National Social Security Fund (NSSF) has  declared 10% interest rate for its  members for the financial year 2022\/23.<\/p>\n\n\n\n

The 10% payment accounts for \u00a0UG.Shs. 1.591 trillion . The earned interest will be credited on each members account this week .<\/p>\n\n\n\n

Finance Minister Matia Kasaija, while announcing the annual interest rate\u00a0 at the Fund\u2019s 11th Annual Members Meeting held at the Kampala Serena Hotel ,thanked the NSSF management for posting a good return on investments under a difficult period characterized with \u00a0management turmoil \u00a0and the war in Ukraine.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u201cI am especially glad that the Fund\u2019s assets registered growth again from Ug.shs. 17.26 trillion in Financial Year 2021\/22 to Ug.shs. 18.56 trillion in Financial Year 2023\/24. Many naysayers did not imagine the possibility of growing this Fund to Ug.shs. 20 trillion. That you will achieve that strategic objective a year ahead of schedule is laudable,\u201d  Kasaija said.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ayota NSSF MD<\/em><\/strong><\/p>\n\n\n\n

 \u201cThe second KPI I am interested in is the money you generated during the year because that shows the productivity of the investments that I approved during the year. I am therefore glad that the total realised income earned increased by 15% from Ug.shs 1.9 trillion in the Financial Year 2021\/22 to Ug.shs 2.2 trillion in the Financial Year 2022\/23.\u201d<\/p>\n\n\n\n

The interest rate declared is 5.8% above the 10-year average, which means that the Fund has once again delivered on its promise and surpassed it by almost 3.8%. As provided for in the NSSF Act, as amended, this new rate will be calculated and credited to the balance outstanding on the members\u2019 accounts as of 1st July 2022.<\/p>\n\n\n\n

Mr.Martin Nsubuga, CEO of the Uganda Retirement Benefits Regulatory Authority (URBRA)   said that  retirement benefits schemes  hold Ug.shs.21.6 trillion of assets under management, out of which NSSF holds Ug.shs.18.5 trillion, while other occupational schemes hold Ug. Shs.3tn.<\/p>\n\n\n\n

Betty Amongi, the Minister of Gender, Labour and Social Development  challenged the new NSSF management  to create more solutions that will deal with  social protection in line with the International Labour Organization (ILO).<\/p>\n\n\n\n

Amongi said that her ministry is going to  develop  and issue new  regulations to operationalize several benefits\/ products that the Fund was innovating to provide more value to members under the amended NSSF Act.<\/p>\n\n\n\n

 The NSSF new Managing Director Patrick Ayota said that he cost-to-income ratio improved from 11.7% in the Financial Year 2021\/22 to 9.4% in the Financial Year 2022\/23; cost management \u2013 our cost of administration reduced from 1.18% of total assets to 1.02%, rate of compliance slightly improved from 55% in Financial Year 2021\/22 to 57% in Financial Year 2022\/23.<\/p>\n\n\n\n

He added that  customer satisfaction increased from 83% in the Financial Year 2021\/22 to 86% in the Financial Year 2022\/23 and staff satisfaction slightly reduced from 85% in the Financial Year 2021\/22 to 82% in the Financial Year 2022\/23 among others.<\/p>\n\n\n\n

Editor: msserwanga@gmail.com<\/strong><\/p>\n\n\n\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

After a protracted leadership row Uganda\u2019s  National Social Security Fund (NSSF) has  declared 10% interest rate for its  members for<\/p>\n","protected":false},"author":1,"featured_media":10003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[65],"tags":[],"class_list":["post-10001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/nssf-rate-2023.jpg","jetpack-related-posts":[{"id":12884,"url":"https:\/\/prowebinhost.com\/anzu\/savers-disappointed-as-nssf-announces-only-11-5-interest-rate-for-financial-year-2023-2024\/","url_meta":{"origin":10001,"position":0},"title":"NSSF Savers Disappointed As Fund Announces Only 11.5% Interest Rate for Financial Year 2023\/2024","author":"UgandaUpdate","date":"September 26, 2024","format":false,"excerpt":"Savers are disappointed that the National Social Security Fund (NSSF) after declaring a ug.Shs.2.5 trillion revenue collection, the fund has only offered a 11.5% interest rate for members for the financial year 2023\/2024. The announcement was made during the NSSF's 12th Annual Members Meeting held on 26th September 2024. Financial\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/09\/NSSF.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/09\/NSSF.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/09\/NSSF.jpg 1.5x"},"classes":[]},{"id":4149,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-declares-12-15-interest-payment-for-its-members\/","url_meta":{"origin":10001,"position":1},"title":"NSSF declares 12.15% interest payment for its members","author":"UgandaUpdate","date":"September 30, 2021","format":false,"excerpt":"By Our Business Reporter The National Social Security Fund (NSSF) has announced 12.15 percent interest payment to its members for the Financial Year 2020\/21. The interest which was welcomed by members as a good return on their savings given the covid -19 pandemic was announcement by Finance Minister Matia Kasaija\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/09\/latest001pix-data.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/09\/latest001pix-data.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/09\/latest001pix-data.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/09\/latest001pix-data.jpg 2x"},"classes":[]},{"id":12835,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-members-excited-about-higher-interest-on-their-savings-as-fund-records-revenue-of-ugx-2-53-trillion\/","url_meta":{"origin":10001,"position":2},"title":"NSSF Members Excited About Higher Interest On Their Savings As Fund Records Revenue of UGX 2.53 Trillion","author":"UgandaUpdate","date":"September 17, 2024","format":false,"excerpt":"The National Social Security Fund (NSSF) has recorded a 15% increase in revenue raising UG,Shs. 2.53 trillion for the financial year ended June 30, 2024. This remarkable revenue generation has excited savers who are now expecting a higher annual return on their savings expected to be announced by the Minister\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/09\/Ayota.webp","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/09\/Ayota.webp 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/09\/Ayota.webp 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/09\/Ayota.webp 2x"},"classes":[]},{"id":1965,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-10-75-interest-deals-hard-blow-to-mid-term-access-campaign\/","url_meta":{"origin":10001,"position":3},"title":"NSSF 10.75% Interest Deals Hard Blow to Mid-term Access Campaign","author":"UgandaUpdate","date":"September 29, 2020","format":false,"excerpt":"When the long- awaited Annual Members Meeting of the National Social Security Fund opened on Monday morning, the question uppermost on everyone\u2019s mind was what interest on savings was to be announced. 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Mwine Mpaka has been named Chairperson of the select committee to investigate operations and management of the National Social Security Fund (NSSF).\u00a0The other committee members include are Workers\u2019 Representative, Hon. Charles Bakkabulindi, Hon. Karim Masaba (Indep., Industrial Division Mbale\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/WhatsApp-Image-2023-01-25-at-16.13.13.jpeg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/WhatsApp-Image-2023-01-25-at-16.13.13.jpeg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/WhatsApp-Image-2023-01-25-at-16.13.13.jpeg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/WhatsApp-Image-2023-01-25-at-16.13.13.jpeg 2x"},"classes":[]},{"id":12980,"url":"https:\/\/prowebinhost.com\/anzu\/assessing-nssfs-performance-a-comprehensive-analysis-for-savers\/","url_meta":{"origin":10001,"position":5},"title":"Assessing NSSF’s Performance: A Comprehensive Analysis for Savers","author":"UgandaUpdate","date":"October 14, 2024","format":false,"excerpt":"By Alex Kakande The National Social Security Fund (NSSF) recently announced an interest rate of 11.5%, prompting savers to evaluate their investment choices. 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