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Minister of Finance Matia Kasaija

NSSF Declares 12.15% Interest Rate for Members

by KP
posted onSeptember 29, 2021

The National Social Security Fund (NSSF) has declared 12.15% interest rate for all its members for FY 2020/2021.

The announcement was made by the Minister of Finance, Matia Kasaija during the 9th Annual members meeting held Wednesday in line with its commitment to transparency and accountability to NSSF members, stakeholders and the general public.

“In exercise of the powers conferred upon me by section 35(2) of the NSSF Act, I have the pleasure to declare an interest of 12.15% to be paid in interest to members for the Financial Year 2020/2021. As provided for in the NSSF Act, this new rate will be calculated and credited on the balance outstanding on the members’ accounts as of 1st July 2020,” Kasaija said.

“This new rate equals UGX 1.52 trillion shillings. It is above the 10 years average rate of inflation which currently stands at 5.43%. It is one of the most competitive rates in the market this year.”

Kasaija applauded the NSSF Board and management for the Fund’s growth in the last financial year, saying “this growth is not by accident but has been borne out of a deliberate vision and strategic focus.”

He also pledged to support the Fund in as far as critical legislation gaps are concerned especially following up on the NSSF Amendment Bill to allow midterm access to NSSF members who have saved for at least 10 years or have reached 45 years.

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