The National Social Securities Fund will announce the 2013 interest rate on members’ funds on October 1, 2013 in Kampala.
The interest rate will be announced by the minister of finance Ms. Maria Kiwanuka at a briefing which will be attended by Richard Byarugaba, the Managing Director NSSF.
Kiwanuka will make the declaration in line with Section 35 (2) of the National Social Security Fund Act (CAP 222), which mandates the Minister to declare the interest rate to the members after consultation with the NSSF Board.
Last year, NSSF declared a 10% interest rate on all its members’ savings up from 6% in the financial year 2011/10. Kiwanuka attributed the rise in interest rate to the fund’s strategic exploitation of the business environment.
Following the announcement, NSSF credited its members’ accounts with a total of Shs202 billion up from Shs94 billion in 2010/2011. Analysts expect NSSF to declare an interest rate higher than last year’s 10% despite the tough economic times.