President Museveni has today signed the National Social Security Fund (NSSF) Amendment Bill, 2021 per State House.
The amendment means that members of NSSF eligible for midterm benefits will be able to access their savings after the bill is gazetted.
On Tuesday, the deputy presidential press secretary, Faruk Kirunda took to Twitter to break the news.
“H.E @KagutaMuseveni has assented to the National Social Security Fund (Amendment) Bill 2021. Congratulations to Parliament, savers, and all stakeholders for their input in the process,” Kirunda tweeted
This comes after months of NSSF being under scrutiny for failure to show readiness to pay eligible members citing that the fund lent the monies to the central government.
Legislators issued an ultimatum of 60 days to the Ministry of Gender, Labour and Social Development to come up with a statutory instrument to specify all regulations and how the money would be paid to eligible members.
The Act states that the provision for members, who have both clocked 45 years and saved consistently for 10 years, will become operational upon the issuance of a statutory instrument by the Minister of Gender, Labour and Social Development, the supervisor of the Fund.
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