Members of Parliament have finally passed the National Social Security Fund Bill 2019, giving Ugandans aged over 45 years and those who have saved for 10 years access to 20 per cent of their savings having been introduced by government two years ago by state minister for youth and Children Affiars ,Florence Nakiyingi
In this bill , it was agreed that workers who contribute to the National Social Security Fund (NSSF) will be assured of mid-term access to their 20% accrued benefits if they have saved for 10 years or is aged above 45 years and this only came to pass after the August house amended section 24 of the Act by including section 24a .
The now amended law also says that those who lose their jobs and are not able to get another job in 5 years will have to wait for at least age 45 to get 40% their savings and 75% to Persons With Disabilities who are part of the contributors to NSSF and fail to get another job one year after losing the former job.
Chaired by speaker Rebecca Kadaga, parliament agreed that there should be dual management of the fund with the minister of Finance in charge of the money and its investment, while the ministry of Gender handles the social issues affecting the savers.
On wednesday Agnes Kunihira, the vice chairperson of the Gender committee said Ugandans should be happy about the passing of the bill. Other amendments include the mandatory savings by all workers in the formal sector. This implies that even employers employing less than five people will now be required to contribute to the fund.
However, parliament erased clause 13 of the bill that was meant to provide a mandatory borrowing of money from the government by NSSF did not approve of unemployment benefits. The proposal was that a member of the Fund who has been unemployed for a continuous period of two years will be eligible for unemployment benefits. The rejected proposal had provided that the member shows evidence of having actively sought employment in vain. There are currently about 1.5 million NSSF subscribers.