)
)
The 10% interest is equivalent to Shs 1.51 trillion which will be credited to members’ accounts starting today.
The new interest rate was announced by Minister of Finance, Planning, and Economic Development, Hon Matia Kasaija on Tuesday, September 26 at the Fund’s annual members’ meeting in Kampala.
It is a slight but much-welcome increase from last year’s rate of 9.5%.
The 10% rate is also well above the 10-year inflation rate of 4% which NSSF has committed to beat by two percentage points with its instests.
)
)
)
Minister Kasaija while unveiling the new rate commended NSSF for the improved performance both in revenues collected and and investments.
Patrick Ayota, the Fund’s Managing Director revealed that the total realized income increased from Shs 1.9 trillion in 2021/22 to Shs. 2.2 trillion in 2022/23.
Ayota also announced that the Fund’s financial assets registered growth again from Shs 17.24 trillion to 18.56 trillion
“I want to thank all of you the members for entrusting NSSF with our money and I want to assure you that it is safe,” said Minister Kasaija.
“Many naysayers did not imagine the possibility of growing this fund to Shs. 20trillion, and now that we project to achieve this objective a year ahead do schedule, is definitely laudable.”
On her part, the Minister of Gender Labour and Social Development Hon Betty Amongi congratulated NSSF for investing in sectors that have supported the growth of the economy, especially bonds and housing.
The Minister also rallied all Ugandan employers to continue remitting their workers’ contributions without fail.
On the other hand, she charged the NSSF to expand its outreach to get to more Ugandans in the informal sector in order to grow the contributions.