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The Government is currently finalizing the legal requirements that will allow such illegal immigrants to save with the NSSF on a voluntary basis.
This was revealed today, Tuesday, by the Minister of Gender Labor and Social Development Hon Betty Among at the Fund’s Annual Members’ Meeting in Kampala.
“I will soon finalize the Statutory Instrument which will allow different categories of people to save with NSSF including illegal immigrants working abroad,” said Minister Amongi.
“We have recently had engagements with these Ugandans and they told us that where they are, as illegal immigrants, they are not able to save their money with the social security funds in those counties because of their status.
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“You find that someone is on ‘kyeyo’ in the UK but they cannot save with the UK system, and they are now asking to be supported to send their money back home,” she explained.
At the annual members’ meeting, the NSSF announced a 10% interest rate to be paid out to members this year.
It is a slight but much-welcome increase from last year’s rate of 9.5%.
Minister of Finance, Planning, and Economic Development, Hon Matia 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.