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 experts had predicted that the Fund would offer its members in the upwards of 14% interest rate but it has not happened . Instead the Fund management announced a plan to grow its assets to Shs50 trillion and extend coverage to half of Uganda’s population by 2035.
This perhaps explains why members are withdrawing their savings from NSSF and investing in Treasury Bonds and Unit Trusts that are offering better interest rates and good return on people’s savings .
Finance Minister Matia Kasaija, was however happy with the Fund’s performance . “NSSF is investing in the right assets. Our investments are focused on fixed income, real estate, and equities,” Kasaija said, while noting the Fund’s portfolio distribution, which includes 79.2% treasury bonds, 13.1% equities, and 7.7% real estate.
The Auditor General, Edward Akol, stated thus : “In my opinion, the financial statements present a true and fair view of the financial position of the Fund as at 30th June 2024,” Akol stated, affirming NSSF’s adherence to international financial reporting standards. This endorsement further strengthens confidence in the Fund’s governance and financial management practices.
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