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KAMPALA, UGANDA: President Yoweri Museveni has finally assented to the National Social Security Fund (Amendment) Bill 2021 into law which okays midterm access.
The law will allow midterm access to savings by those aged 45 and above and have been saving for at least 10 years.
NSSF savings are currently to the tune of sh15.6 trillion.
According to statistics from NSSF, out of 2 million members, only 93,000 are 45 years old and above and have saved for a minimum of 10 years, which means they are the only ones eligible for midterm access.
The President’s Senior Press Secretary, Lindah Nabusayi, confirmed, Tuesday.
“Yes, the President has assented to the NSSF Bill,”
The development was confirmed by the Senior Presidential Press Secretary Lindah Nabusayi in a tweet passed out on Tuesday afternoon.
“President Museveni has assented to the NSSF Bill as amended,” Nabusayi tweeted on Tuesday.
Assenting the bill into law means workers who have saved for over 10 years and have reached 45 years of age are allowed 20% midterm access to their savings with NSSF.
This NSSF Bill was first passed by the 10th Parliament on 17 February 2021 before it was returned to the House by President Museveni and later re-tabled by the 11th Parliament after the lapse of business of the previous Parliament.
During the debate of the Bill, MPs agreed that only mandatory contributors are eligible for midterm access subject to their age and years of contribution, while voluntary contributors will have access to their savings as and when they so wish, subject to the prescribed regulations to be issued by the Minister in consultation with the Board.