Museveni signs NSSF Bill

Members of the National Social Security Fund (NSSF) eligible for midterm benefits are excited and looking forward to getting their hands on the cash after President Museveni assented to NSSF (Amendment) Bill, 2021.

“H.E @KagutaMuseveni has assented to the National Social Security Fund (Amendment) Bill 2021. Congratulations to Parliament, savers and all stakeholders for their input in the process,” the deputy presidential press secretary, Mr Faruk Kirunda, announced in a Tuesday afternoon tweet.
This comes a month after Parliament on November 24, 2021 passed the Bill after considering the president’s proposed amendments and agreeing on the major issues of contention.
This means that the law will be published in the gazette before it comes into force.

The Act states that the provision for members, who have both clocked 45 years and saved consistently for 10 years, will become operational upon the issuance of a statutory instrument by the Minister of Gender, Labour and Social Development, the supervisor of the Fund.
In November, the MPs gave the minister a maximum of 60 days (two months) to issue the statutory instrument that would stipulate and spell out the regulations and the way the money would be paid out to eligible members.
Ms Betty Amongi, the minister of Gender, Labour and Social Development, told MPs they are already working on the statutory instrument to ensure it is ready within the specified time period.

“Given that this includes money, calculations and preparation of what to pay to the beneficiaries, the minister is required to give the statutory instrument that will spell out the how, when, who is not going to get it, how many are going to get it and how much, therefore, should be prepared,” Ms Flavia Kabahenda, the chairperson of the parliamentary Committee on Gender said in November.
She added: “As a committee, we thought that 60 days would be enough when the minister requested. Actually, the minister had requested for 90 days but we instead gave 60 days.”
Mr Richard Byarugaba, the NSSF managing director, told Monitor on November 25 that they are working on the necessary requirements to ensure they pay when the statutory instrument is issued. 

Key among these is a system upgrade and getting the cash available. Statistics indicate that 93,000 savers qualify for the payout amounting to Shs900 billion.
“We have the money but we do not have the cash but we can make the cash available. The reason we asked for that 60 days is to put in place the systems and also to arrange the cash so that as soon as they are ready, the instrument will be issued but definitely it will not be beyond the 60 days,” Mr Byarugaba said then.

He added: “We know that as soon as that happens, there will be a huge request. [At least] 90,000 people coming to our branches would be a nightmare so one of the things hopefully we can do is to allow them to do it online.”
Reacting to Mr Museveni’s approval, the Chairman General of the National Organisation of Trade Unions (NOTU) Usher Wilson Owere on Tuesday said, “Good news coming in is that; the President of Republic of Uganda His Excellency Yoweri Kaguta Museveni has signed NSSF amendments Bill 2021 into law Congratulations the Workers Uganda thank your excellency for that new year gift to the workers of Uganda.”