Covid: NSSF loses 100,000 savers, closes six branches
Mr Richard Byarugaba, the NSSF managing director (right), looks on during the installation of Ms Rosetti Nabbumba (centre) as the new Rotary District D9211 Governor in Kampala on Saturday. PHOTO | STEPHEN OTAGE
What you need to know:
- NSSF says the 100,000 savers dropped off in the last three months because their employers were either going through financial distress or had closed business completely.
The National Social Security Fund (NSSF) has lost 100,000 contributors and closed six of its branches in the last three months due to the Covid-19 lockdown.
The revelation was made by the NSSF managing director, Mr Richard Byarugaba, during the installation of the Rotary Club of Kololo leaders in Kampala on Saturday.
Mr Byarugaba said the coronavirus outbreak in Uganda came as a blessing to NSSF operations because it enabled the private sector pension fund to implement a vision conceived four years ago requiring, all staff to embrace working remotely with technology, instead of reporting to office the traditional way.
“Three or four years ago, I remember I had a town hall meeting with all my staff where I challenged them to build capability within the next five years where we shall no longer deliver our services through our brick and motor but cyber space. As soon as Covid-19 hit, we were the first government entity to offer 100 per cent of our services online,” he said.
He added that only 30 per cent of their staff especially those who are customer centric, report to work from their offices while 70 per cent work from home.
As a result, Mr Byarugaba said, the Fund has registered increased staff productivity, closed six of its 25 branches and the income which has been saved will be used to improve staff remuneration.
The Rotary Club of Kololo had invited Mr Byarugaba to preside over their function and also share with club members his thoughts about how Uganda can create new jobs and employment.
Ms Rosetti Nabbumba was installed as the new Rotary District D9211 Governor while Ms Sharone Kirabo Nakimera as new president Rotaract Club of Kololo. Ms Christine Nalwadda Luttu was installed new President of Rotary Club of Kololo.
Mr Byarugaba told the Rotarians that Covid-19 pandemic disruptions that have affected public life have not spared the Fund either.
He revealed that of the two million Ugandans who regularly save with the Fund, 100,000 dropped off in the last three months because their employers were either going through financial distress or had closed business completely.
He told Rotarians that the next opportunities are in the areas which do not involve a lot of consumption such as provision of healthcare, transport and use of technology. Ms Nabbumba said they will engage NSSF to promote a nutrition and wellness campaign they are launching during their tenure of office.
