The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, as per Section 36(2) of the NSSF Act (Cap 230), for the Financial Year 2023/24, has declared an interest rate of 11.5%.
The announcement of the interest rate was declared during the 12th Annual Members’ meeting on Thursday this week in Kampala.
“The interest rate I have declared is above the 10-year average rate of inflation currently at 4.2%, and the 2023/24 inflation which stood at 3.9%”. The minister said during the meeting
The minister noted that the interest declared was slightly above UGX 2 trillion, the highest amount of money ever paid in interest to members.
“Per Section 36 (1) of the NSSF Act, the new interest will be calculated and credited on the balance outstanding on the members’ accounts as at 1st July 2023. Congratulations to all members”. Kasaija said.
The Fund has seen a growth from UGX 18.56 trillion in Financial Year 2022/23 to UGX 22.13 trillion in 2023/24, an increase of 19.2%.
According to the Minister, the Fund is concentrated in primarily Fixed Income (79.2%) followed by Real Estate and Equities.
The Fund is engaging the community through funding startups and directly supporting agriculture hence creating its members and guaranteeing its future.
Hon. Davinia Esther Anyakun, Minister of State for Gender, Labour and Social Development (Labour, Employment and Industrial Relations):
Edward Akol, the Auditor General noted that he audited the financial statements of the National Social Security Fund set out on pages 13-98, which comprise the statement of net assets as at 30th of June 2024 and the statements of changes in net assets available for benefits, statements of changes in fund reserves and statement of cash flows for the year then ended and noted to the financial statements including material accounting policies.
“n my opinion, the financial statements present a true and fair view of the Financial Position of the Fund as at 30th June 2024 and of its Financial Performance and its cash flows for the year that ended in accordance with the international reporting financial standards”. He said.
With over 2 million members, 1.53 Trillion investment in local companies and 97.8 thousand registered employers, NSSF recently introduced a voluntary membership plan aimed at attracting workers and employers not compelled by the mandatory provisions of the NSSF act to have an opportunity to save voluntarily for their retirement
