Finance Minister Matia Kasaija announced the 10% interest at NSSF’s annual members’ meeting (courtesy)
Kampala – The National Social Security Fund (NSSF) has declared an interest rate of 10% for its members for the 2022/2023 financial year.
The 10% interest, which equals a total of Shs1.591 trillion, was declared by the Minister of Finance, Matia Kasaija, at the NSSF 11th Annual Members’ Meeting on Tuesday, 26 September 2023.
This is higher than the 9.65% interest rate of the previous financial year.
The minister noted that the interest comes amidst a tough economic environment marked by the turmoil in Europe due to the Russia-Ukraine war, investor flight from most of the developing markets back to the US, reduction in value across all East African stock markets and the increased scrutiny that the Fund underwent in the 3rd quarter of the just concluded Financial year.
On her part the Minister for Gender Labour and Social Development Betty Amongi noted that the Fund should not only perform financially but also provide actual social protection to savers.
She called for the Fund to innovate solutions for its members around health and childcare benefits, education, and insurance solutions that offer protection across the lifecycles of members and their dependents.
She also called for the fund to work towards providing affordable housing options to its members.
In her view, with majority of savers having under 50m shillings, the Fund need to offer housing options within this range.