BY: BEN SSEBUGUZI
THE National Social Security Fund (NSSF Uganda) is a National Saving Scheme mandated by Government through the National Social Security Fund Act, Cap 222 (Laws of Uganda) to provide social security services to employees in Uganda.
Social Security provides a foundation of income on which workers can build to plan for their retirement. It also provides valuable social insurance protection to workers who become disabled and to families whose breadwinner dies.
That is the main foundation for social security for any country and the moment the policy makers deviate from the above, there is likely hood that the purpose will loose meaning.
Currently many social security firms are facing a challenge of covid 19 effects as members are looking to their social security as the last resort for livelihood hence diluting the purpose of social security.
It is interesting to read that NSSF has been able to increase their comprehensive income for the financial year 2020/21 by 25%, up from Shs 1.4 trillion to Shs 1.8 trillion amidst this covid 19 effects to the economy amidst low demand and purchasing power.
Many business are grassing and others are closing! NSSF management should be upheld for investing profitably hence a good reason to get more trust from your customers!
The writer, Ben Ssebuguzi is an economist, entrepreneur and Secretary General Uganda Poor Youth movement.