{"id":4149,"date":"2021-09-30T10:17:07","date_gmt":"2021-09-30T10:17:07","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=4149"},"modified":"2021-09-30T10:17:12","modified_gmt":"2021-09-30T10:17:12","slug":"nssf-declares-12-15-interest-payment-for-its-members","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/nssf-declares-12-15-interest-payment-for-its-members\/","title":{"rendered":"NSSF declares 12.15% interest payment for its members"},"content":{"rendered":"\n

By Our Business Reporter <\/strong><\/p>\n\n\n\n

The National Social Security Fund (NSSF) has announced 12.15 percent interest payment to its members for the Financial Year 2020\/21.<\/p>\n\n\n\n

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 in Kampala at the NSSF member\u2019s Annual General Meeting.<\/p>\n\n\n\n

The minister said the current interest rate, equivalent to ShS1.52 trillion, will be credited to members\u2019 accounts in the month of October as the tradition has been over the years .<\/p>\n\n\n\n

“In exercise of the powers conferred on me by section 35 of the NSSF Act, I hereby declare an interest rate of 12.15% to be paid as interest to the members of the fund for 2020\/21. I would like to congratulate the staff at the fund for preserving the savings of the members. As I conclude please save money. Ugandans we have a bad savings culture but we need to change. Please save money,” Mr Kasaija said.<\/p>\n\n\n\n

\u00a0In 2019\/20 NSSF paid Shs496.4 billion to qualifying members, which increased to Shs642.3 billion in 2020\/21 as the world battled the Covid -19 pandemic that has left over a million people dead and shattered businesses following prolonged lockdowns stem the spread of the deadly virus .\u00a0<\/p>\n\n\n\n

\u00a0The Fund managers have promised to beat the 10-year average inflation rate in payments to the members. The Fund has paid above 10 percent over the past decade making NSSF one of the safest and profitable invesment fund in Uganda.<\/p>\n\n\n\n

 Like most businesses, NSSF saw a dip in income last financial year as many companies, in which it is invested across the region, slashed or withheld dividend payments in response to the uncertainty caused by Covid-19.<\/p>\n\n\n\n

\u00a0In financial performance report , Managing Director Richard Byarugaba said NSSF\u2019s had registered an increased income of 25 percent bringing in Shs1.8 trillion in the just-ended financial year. He attributed the encouraging performance to the higher returns on treasury bonds, property sales and a recovery in dividend payments by companies in which it is invested.<\/p>\n\n\n\n

NSSF grew its assets base from Shs13.3 trillion to 15.5trillion partly on the back of increased contributions from increased compliance and growing confidence. This year-on-year increase was close to the 17 percent increase in the previous reporting period reflecting the resilience of contributions and the performance of the fund. The Fund has a target to grow assets under management to Shs20 trillion by 2025.<\/p>\n\n\n\n

During the financial year 2020\/21, NSSF\u2019s interest income grew from Shs1.4 trillion to Shs1.6 trillion while dividend income grew from Shs62.2b to Shs7.49b. Real estate income grew to Shs53.5b up from Shs11.1b.  <\/p>\n\n\n\n

NSSF has the largest investment portfolio in Uganda with 78 per cent invested in fixed income while 15 percent is invested in equities and 7 percent in real estate.<\/p>\n\n\n\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

By Our Business Reporter The National Social Security Fund (NSSF) has announced 12.15 percent interest payment to its members for<\/p>\n","protected":false},"author":1,"featured_media":4150,"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":[24,65],"tags":[],"class_list":["post-4149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-national-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/09\/latest001pix-data.jpg","jetpack-related-posts":[{"id":12980,"url":"https:\/\/prowebinhost.com\/anzu\/assessing-nssfs-performance-a-comprehensive-analysis-for-savers\/","url_meta":{"origin":4149,"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":12884,"url":"https:\/\/prowebinhost.com\/anzu\/savers-disappointed-as-nssf-announces-only-11-5-interest-rate-for-financial-year-2023-2024\/","url_meta":{"origin":4149,"position":1},"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":10001,"url":"https:\/\/prowebinhost.com\/anzu\/after-a-protracted-leadership-row-ugandas-nssf-declares-10-interest-for-its-members\/","url_meta":{"origin":4149,"position":2},"title":"After a protracted leadership row, Uganda\u2019s NSSF declares 10% interest for its members","author":"UgandaUpdate","date":"September 26, 2023","format":false,"excerpt":"After a protracted leadership row Uganda\u2019s \u00a0National Social Security Fund (NSSF) has \u00a0declared 10% interest rate for its \u00a0members for the financial year 2022\/23. 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":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":4149,"position":3},"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":2112,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-goes-to-all-ugandan-doorsteps-with-300-service-centres\/","url_meta":{"origin":4149,"position":4},"title":"NSSF Goes To All Ugandan Doorsteps With 300 Service Centres","author":"UgandaUpdate","date":"October 21, 2020","format":false,"excerpt":"While NSSF members continue savoring the recently introduced virtual experiences of transacting using online services that include e-benefits claim, the older mobile NSSF GO App as well as the ordinary mobile sms srvice, the Fund has rolled out yet another convenience \u2013 physical service centres near you. The agency service\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1965,"url":"https:\/\/prowebinhost.com\/anzu\/nssf-10-75-interest-deals-hard-blow-to-mid-term-access-campaign\/","url_meta":{"origin":4149,"position":5},"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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