The National Social Security Fund (NSSF) will recognise and award the most compliant employers in paying their employees’ contributions during its 3rd Annual Members Meeting (AMM) scheduled to take place on October 21, 2015, Richard Byarugaba, NSSF Managing Director has announced.
The Fund holds the meeting annually to update its members and other stakeholders on the state, performance, goals and outlook of the Fund. It’s also a forum where the Fund receives feedback and responds to concerns from members through an interactive session.
Richard Byarugaba, Managing Director National Social Security Fund (NSSF)
“This is in line with our commitment to transparency and accountability to our members, stakeholders and the general public. We will report to the owners of the Fund our performance for the Financial Year 2014/2015, and also give a perspective of where we want to be over next 10 years, Byarugaba said.
At the meeting, NSSF will recognise the most complaint contributors through the Employer Compliance Awards. Up to 25 institutions and companies will be awarded in different categories including the best employer per branch across the Fund’s 19 branches. [adrotate banner=”3″]
“These awards are held every year, to honour employers who fulfill their social security obligations. We will award basing on the 360 degrees compliance audit. In other words, the winners must have consistently paid contributions for their employees in time and in the right amounts.
We would like to encourage all employers to pay their contributions, it is not only their obligation, but also makes business sense,” Byarugaba added. The Fund currently receives contributions from over 12,000 employers and has a membership of about 1.6 million contributors.
Edrinnah Ddumba Mbote, the Public Relations officer NSSF
Byarugaba also said that the Auditor General, Mr. John Muwanga, will present the Fund’s audited accounts for the last financial year. The Fund has over the last 5 years received an unqualified opinion from the Auditor General, which means that, the Fund’s financial records and statements are appropriately presented, and in accordance with Generally Accepted Accounting Principles.
On September 29, 2015, NSSF declared an interest rate of 13% on its member’s savings, for the Financial Year 2014/15, up from 11.5% in the last financial year. In monetary terms, the rate translates into a total of shs514 billion for the fund’s 1.5 million members up from shs366 billion.