The National Social Security Fund (NSSF) is a statutory fund established by the NSSF Act of 1985 to provide social security benefits to employees in Uganda. The fund is managed by a board of directors appointed by the Minister of Finance, Planning and Economic Development. The fund collects contributions from employers and employees and invests them in various assets to generate income for the payment of benefits.
The NSSF Act of 1985 has been amended several times to improve the governance, coverage, benefits and sustainability of the fund. The most recent amendment was the NSSF (Amendment) Act of 2021, which introduced several changes, such as:
Establishing a stakeholder board that includes representatives of employers, employees and the government.
Making contributions mandatory for all workers, regardless of the size of the enterprise or number of employees.
Allowing voluntary contributions to the fund by self-employed persons and other workers who are not covered by the mandatory scheme.
Providing for midterm access to a portion of member's contributions for specified purposes, such as housing, education and health.
Empowering the board to introduce new benefits in consultation with the Minister, such as unemployment benefit, maternity benefit and funeral grant.
Setting a five-year term of office for the managing director and deputy managing director of the fund.
Empowering the board to use in-house expertise and fund managers in the investments of scheme funds.
The NSSF Act Uganda aims to provide social security protection to workers and their dependents in case of old age, invalidity, death, emigration or withdrawal from employment. The fund also contributes to national development by mobilizing savings and investing them in productive sectors of the economy.
The benefits of joining NSSF Uganda include:
Receiving a lump sum payment or monthly pension when you reach the retirement age of 55 years or 50 years if you are in permanent incapacity.
Receiving a lump sum payment or monthly pension if you become permanently incapable of working due to illness or injury.
Receiving a lump sum payment if you emigrate permanently from Uganda.
Receiving a lump sum payment if you withdraw from employment after ten years of continuous service and have not secured another job within one year.
Accessing up to 20% of your contributions after 10 years of saving for housing purposes.
Accessing up to 10% of your contributions after five years of saving for education purposes.
Accessing up to 10% of your contributions after five years of saving for health purposes.
Receiving a survivor's benefit if you die before attaining retirement age or while receiving a pension. The benefit is paid to your nominated beneficiaries or legal dependents.
To join NSSF Uganda, you need to register as an employer or an employee and make regular contributions to the fund. The contribution rate is 15% of your gross salary, of which 10% is paid by the employer and 5% by the employee. You can also make voluntary contributions to the fund if you are self-employed or wish to save more for your future. You can check your NSSF balance online, by SMS, by phone or by visiting any NSSF branch. You can also download the NSSF Act Uganda PDF from the fund's website here. 0efd9a6b88