{"id":1131,"date":"2020-05-02T08:49:00","date_gmt":"2020-05-02T08:49:00","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=1131"},"modified":"2020-05-12T08:52:45","modified_gmt":"2020-05-12T08:52:45","slug":"claiming-nssf-early-is-like-drunken-wife-beating","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/claiming-nssf-early-is-like-drunken-wife-beating\/","title":{"rendered":"Claiming NSSF early is like drunken wife beating"},"content":{"rendered":"\n<p>There\nis a deep Luganda saying about the dangers of misguided peer\ninfluence. The saying goes like \u201cHe who says let\u2019s go beat the\nwomen punches a banana plant\u201d <em>(Tugende\ntukube abakazi akuba kitooke)<\/em>.\nIt summarizes a boozing episode of two guys who after several drinks\nstart complaining about having to return home \u2018early\u2019 just\nbecause their wives complain over their late coming. The crafty of\nthe two says that the best way to cure the women from nagging over\ntheir staying out late is to give them a sound beating so they don\u2019t\ndare complain again. The idea sounded very good and the friend could\nnot wait to go and try it out.<\/p>\n\n\n\n<p>\n\tAfter\n\ta few more drinks they set off for their homes, vowing to teach\n\ttheir wives a lesson. The crafty and malicious one who brought up\n\tthe idea stopped a short distance from his house and started\n\tpunching and kicking the rather soft banana stem in his garden. He\n\tbeat it so hard, venting all his drunken anger on it until after\n\tseveral minutes he was exhausted, walked up to his house and humbly\n\tasked to be let in. The moment his wife opened the door, he fell on\n\this knees and started begging for forgiveness, promising not to be\n\tlate again. The wife served him dinner, prepared his bath and told\n\thim not to worry. Their marriage grew stronger due to the humility\n\tthe man displayed whenever he did wrong.<\/p>\n\n\n\n<p>\n\tHis\n\tfriend on the other hand went home, kicked the door and proceeded to\n\tgive his wife the beating of her life while reminded her that he was\n\tthe man and she should never ask him why he returns late from\n\tdrinking. He beat her until he was exhausted and he went to bed. In\n\tthe morning, the bruised woman packed her things and left him for\n\tgood. He got so disorganized that his life became a mess as he\n\tdeteriorated until could no longer fit in the company of his former\n\tfriend who misled him into beating up his wife.<\/p>\n\n\n\n<p>\n\tThe\n\tabove story came to mind when I read that some members of parliament\n\twere mooting an amendment to the amendment bill of the National\n\tSocial Security Fund Act to enable contributors to access thirty\n\tpercent of \u2018their\u2019 money when a matter like Covid-19 comes up.\n\tWe are yet to see the phrasing of the proposal to know for sure\n\twhether the \u201c30%\u201d refers to 30% of one\u2019s accumulated expected\n\tbenefits which includes the employer\u2019s contribution for most\n\tmembers, or 11% of the expected benefits which is the one third of\n\twhat the member has contributed so far plus the interest accruing.\n\tFor MPs who will oppose the proposal could argue the employer\u2019s\n\tcontribution should only become a member\u2019s entitlement at\n\tretirement time. Of course we are aware that for voluntary\n\tcontributors ALL the savings are contributed by the member.<\/p>\n\n\n\n<p>\n\tTo\n\tunderstand the situation, I called up a staff of the NSSF seeking an\n\tupdate of the state of affairs at the Fund since the Covid-19\n\tlockdown started. I asked for information which you too can get from\n\tthis public body. If the Covid-19 lockdown has hit members so hard\n\tas to want to access money that is supposed to help them when they\n\tare no longer able to work, then obviously they wouldn\u2019t be able\n\tto continue contributing during the lockdown in the first place,\n\twould they? What I found from the fund was interesting. Since\n\tindividual contributions were allowed a couple of years back, these\n\twould be the first to be hit since they are not deducted by law, but\n\tare voluntarily remitted by the individual member, right? Wrong.<br>\nNot\n\tonly have the individual members continued to remit their money, but\n\thear this, some six thousand Ugandans signed up and started saving\n\twith NSSF in the month of April during the lockdown!<\/p>\n\n\n\n<p>\n\tIs\n\tit realistically possible that those six thousand people who chose\n\tto voluntarily start taking their money to NSSF during the lockdown\n\tmonth of April alone have never heard of the Coronavirus? So who has\n\tbeen working the people up about accessing their retirement package\n\tbecause of Covid? Is not possible that like the malicious guy who\n\ttold drinking mate to go beat his wife, some people are gleefully\n\ttaking their money to NSSF where they are sure it will earn double\n\tdigit compound interest while telling the excitable ones to fight\n\tand withdraw theirs?<\/p>\n\n\n\n<p>\n\tAssume\n\tParliament amends the law to enable NSSF members access 30% of their\n\tbenefits during Covid-19-like situations, then let those who want go\n\tahead and collect it. The prudent ones who appreciate what the money\n\tis intended for will not. But first of all, we frequently encounter\n\tmore dangerous situations than the Coronavirus. Many more people\n\thave lost their children to malaria than the ZERO who have died from\n\tCovid-19 in Uganda. So should anybody whose child gets malaria be\n\tallowed to access 30% of their NSSF benefits? And if three of your\n\tchildren get malaria in one year, shouldn\u2019t be able to take away\n\tall your benefits from NSSF, going by that logic?<\/p>\n\n\n\n<p>\n\tSecondly,\n\tsince Parliament would be amending the law to make NSSF benefits\n\treadily accessible when members get problems, the Fund would have to\n\tchange from investing the members\u2019 savings to simply keeping the\n\tcash in demand deposits which do not earn interest. In fact the way\n\tbanks operate in Uganda today, members would be charged a monthly\n\tfee for keeping money in NSSF, so that you get less in benefits than\n\twhat you and your employer kept there. Logically then, there would\n\tbe no point in having the NSSF, as all members can keep their money\n\tin their bank accounts to access whenever we get a situation like\n\tthis one which has not yet killed any Ugandan since it erupted at\n\tthe start of the year.<\/p>\n\n\n\n<p>\nIt\nis possible, actually easy, to get Parliament to amend the law and\nallow NSSF members to claim their money when they get a problem. MPs\nafter all do not contribute to NSSF except those who voluntarily do\nafter realizing that that it is one &nbsp;of the safest ways to\nsecure yourself financially when you can no longer work. The MPs\nwould easily pass the amendment if they think it will please the\nvoters especially as the general election approaches. Then like the\ncareless drunkard who beat up his wife, those who will withdraw their\nbenefits prematurely will live to regret in their old age, an age\nwhich will certainly come unless one dies young.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is a deep Luganda saying about the dangers of misguided peer influence. The saying goes like \u201cHe who says<\/p>\n","protected":false},"author":1,"featured_media":1132,"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":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[90],"tags":[88,110],"class_list":["post-1131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-covid-19","tag-nssf"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/05\/2-MAY.jpg","jetpack-related-posts":[{"id":9916,"url":"https:\/\/prowebinhost.com\/anzu\/ugandan-man-marries-7-wives-same-day-including-2-sisters\/","url_meta":{"origin":1131,"position":0},"title":"Ugandan man marries 7 wives same day, including 2 sisters","author":"UgandaUpdate","date":"September 15, 2023","format":false,"excerpt":"A Ugandan man has left tongues wagging after marrying seven women at the same time.\u00a0Ssaalongo Nsikonnene Habib Ssezzigu\u00a0was seen posing with his seven brides after the wedding who included two biological sisters . The event, which took place at Nsikonnene\u2019s home, saw hundreds in attendance and captured the imagination of\u2026","rel":"","context":"In &quot;National News&quot;","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\/09\/Hajj-Nsikonnene-wedding-1.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/Hajj-Nsikonnene-wedding-1.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/Hajj-Nsikonnene-wedding-1.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/Hajj-Nsikonnene-wedding-1.jpg 2x"},"classes":[]},{"id":7979,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-saga-gender-minister-amongi-defends-ug-shs-6b-she-directed-to-be-included-in-the-funds-budget\/","url_meta":{"origin":1131,"position":1},"title":"NSSF SAGA: GENDER MINISTER AMONGI DEFENDS UG.SHS.6B SHE DIRECTED TO BE INCLUDED IN THE FUND\u2019S BUDGET","author":"UgandaUpdate","date":"January 11, 2023","format":false,"excerpt":"By Our Reporters The Minster of Gender Labour and Social Development Betty Amongi Ongom has once again defended the Ug.shs. 6bn she directed the NSSF Management and Board to include in its 2023\/24 budget to mobilise more savings for the fund. While addressing journalists at the Media Center in Kampala\u2026","rel":"","context":"In &quot;NSSF Savings&quot;","block_context":{"text":"NSSF Savings","link":"https:\/\/prowebinhost.com\/anzu\/category\/nssf-savings\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/amongi-1.jpeg","width":350,"height":200},"classes":[]},{"id":7953,"url":"https:\/\/prowebinhost.com\/anzu\/amongi-vs-byarugaba-nssf-saga-deepens-as-igg-takes-over-investigations-following-president-museveni-directive\/","url_meta":{"origin":1131,"position":2},"title":"\u00a0AMONGI VS. BYARUGABA: NSSF SAGA DEEPENS AS IGG TAKES OVER INVESTIGATIONS FOLLOWING PRESIDENT MUSEVENI DIRECTIVE","author":"UgandaUpdate","date":"January 9, 2023","format":false,"excerpt":"IGG\u00a0 Betty Kamya freezes spending at NSSF Only wage bill and statutory expenditure is allowed NSSF revised budget for financial year 2023-2024 suspended till investigations are\u00a0 completed The NSSF saga\u00a0 about the reappointment of Richard Byarugaba\u00a0 has taken a new twist \u00a0with the Inspector General of Government (IGG) taking over\u2026","rel":"","context":"In &quot;Accountability&quot;","block_context":{"text":"Accountability","link":"https:\/\/prowebinhost.com\/anzu\/category\/accountability\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/home12pix.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/home12pix.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/home12pix.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/home12pix.jpg 2x"},"classes":[]},{"id":12980,"url":"https:\/\/prowebinhost.com\/anzu\/assessing-nssfs-performance-a-comprehensive-analysis-for-savers\/","url_meta":{"origin":1131,"position":3},"title":"Assessing NSSF&#8217;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. With a history of fluctuating returns, including a notable 15% in 2018 and 12.15% in 2021, understanding the impact of these rates on your savings is more\u2026","rel":"","context":"In &quot;National News&quot;","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\/10\/download-3.jpg","width":350,"height":200},"classes":[]},{"id":8029,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-saga-gen-salim-saleh-writes-to-cartoonist-and-social-critic-spire-sentongo\/","url_meta":{"origin":1131,"position":4},"title":"NSSF SAGA : GEN SALIM SALEH WRITES TO CARTOONIST AND SOCIAL CRITIC SPIRE SENTONGO","author":"UgandaUpdate","date":"January 17, 2023","format":false,"excerpt":"By Our Senior Reporters NRA Veteran war hero ,Gen Salim Saleh has written to cartoonist and social critic Spire Sentongo after the latter drew a cartoon depicting the general to be involved in the running leadership battles at the NSSF . In a brief three sentence letter dated January 17\u2026","rel":"","context":"In &quot;NSSF SAGA: Workers savings&quot;","block_context":{"text":"NSSF SAGA: Workers savings","link":"https:\/\/prowebinhost.com\/anzu\/category\/nssf-saga-workers-savings\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/IMG-20230117-WA0062.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/IMG-20230117-WA0062.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/IMG-20230117-WA0062.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/01\/IMG-20230117-WA0062.jpg 2x"},"classes":[]},{"id":8104,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-saga-deputy-speaker-names-seven-member-committee-to-investigate-leadership-row-over-workers-savings\/","url_meta":{"origin":1131,"position":5},"title":"NSSF SAGA: DEPUTY SPEAKER NAMES SEVEN MEMBER COMMITTEE TO INVESTIGATE LEADERSHIP ROW OVER WORKERS SAVINGS","author":"UgandaUpdate","date":"January 27, 2023","format":false,"excerpt":"By Our Parliamentary Reporters Mbarara South Division Member of Parliament, Hon. 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 &quot;National News&quot;","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":[]}],"jetpack_shortlink":"https:\/\/wp.me\/pc0aOV-if","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/1131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/comments?post=1131"}],"version-history":[{"count":1,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/1131\/revisions"}],"predecessor-version":[{"id":1133,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/1131\/revisions\/1133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media\/1132"}],"wp:attachment":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media?parent=1131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/categories?post=1131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/tags?post=1131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}