The National Social Security Fund (NSSF) Managing Director, Richard Byarugaba, has tipped the workers in the Eastern region on the components of the NSSF Amendment Bill.
This, he said, will permit NSSF to introduce relevant products, promote saving for old age and boost growth of the economy
The Fund’s Managing Director made these remarks while speaking to hundreds of workers who had turned up for fourth Eastern regional employer’s meeting held at The Source of the Nile Hotel in Jinja town on Tuesday.
The NSSF Bill 2019, has a raft of proposals, among which seek to expand social security coverage through voluntary contributions, provide midterm access to benefits, provide for the deference of taxes on contribution and empower the board to introduce products.
“We expect that in the course of this year the Bill should leave the committees of finance and gender come back to the floor of Parliament and there should be a discussion so that it is passed. Failure to do it, the benefits that the country and members would be getting by increasing the saving products and investment opportunities are being derailed,” Mr. Richard Byarugaba, NSSF Managing Director said.
Under the current law, only companies with more than five employees and above are eligible to register and save with the fund. Saver’s monthly contributions and investment income are taxed while the benefits are accessed after one has clocked 55 years.
However, the proposed amendments, which were first tabled before parliament last year, kicked up storm with some of the Ugandans questioning some provisions that government directly borrows from the NSSF.
“If you have access to your MPs’ tell them to go Parliament and pass the proposed law because it will make sure that we give the relevant products as I mentioned earlier,” Mr. Byarugaba said.