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. <\/p>\n\n\n\n
The announcement was made during the NSSF’s 12th Annual Members Meeting held on 26th September 2024. <\/p>\n\n\n\n
Financial experts had predicted that the Fund would offer its members in the upwards of 14% interest rate but it has not happened . Instead the Fund management announced a plan to grow its assets to Shs50 trillion and extend coverage to half of Uganda\u2019s population by 2035.\u00a0<\/p>\n\n\n\n
This perhaps explains why members are withdrawing their savings from NSSF and investing in Treasury Bonds and Unit Trusts that are offering better interest rates and good return on people’s savings .<\/p>\n\n\n\n
Finance Minister Matia Kasaija, was however happy with the Fund’s performance . “NSSF is investing in the right assets. Our investments are focused on fixed income, real estate, and equities,” Kasaija said, while noting the Fund’s portfolio distribution, which includes 79.2% treasury bonds, 13.1% equities, and 7.7% real estate. <\/p>\n\n\n\n
The Auditor General, Edward Akol, stated thus : “In my opinion, the financial statements present a true and fair view of the financial position of the Fund as at 30th June 2024,” Akol stated, affirming NSSF’s adherence to international financial reporting standards. This endorsement further strengthens confidence in the Fund\u2019s governance and financial management practices.<\/p>\n\n\n\n
Editor; msserwanga@gmail.com<\/strong><\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Savers are disappointed that the National Social Security Fund (NSSF) after declaring a ug.Shs.2.5 trillion revenue collection, the fund has<\/p>\n","protected":false},"author":1,"featured_media":12885,"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-12884","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\/2024\/09\/NSSF.jpg","jetpack-related-posts":[{"id":12980,"url":"https:\/\/prowebinhost.com\/anzu\/assessing-nssfs-performance-a-comprehensive-analysis-for-savers\/","url_meta":{"origin":12884,"position":0},"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. 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 "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\/10\/download-3.jpg","width":350,"height":200},"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":12884,"position":1},"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. 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The 10% payment accounts for \u00a0UG.Shs. 1.591 trillion . The earned interest will be credited on each members account this week . Finance Minister Matia Kasaija,\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\/09\/nssf-rate-2023.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/nssf-rate-2023.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/nssf-rate-2023.jpg 1.5x"},"classes":[]},{"id":4149,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-declares-12-15-interest-payment-for-its-members\/","url_meta":{"origin":12884,"position":3},"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. 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