By Wod Omoro
In the recent past, there have been various media reports about the National Social Security Fund (NSSF) performance and how its top leadership is mismanaging the Ugx17t fund.
As we write this report, Richard Byarugaba’s re-appointment as the managing director has been put on halt, as the IGG opened a corruption probe against him, and other senior leadership.
In a move to calm the waters, the Fund’s acting managing director Patrick Ayota on Wednesday acknowledged that there is an ongoing investigation by the Inspectorate of Government , and is not at liberty to discuss anything further at present.
“We inform NSSF members, stakeholders and the public that the matters raised are subject to an ongoing investigation by the Inspectorate of Government. We are therefore not at liberty to discuss them at this point.” Ayota said.
He further said that in the spirit of transparency and accountability, they (NSSF) will inform members and the public on the next course of action upon conclusion of the IGG’s investigations.
He also maintains that the fund is operating normally in the execution of its mandate, and it continues to receive member contributions, make investments, and pay benefits to qualifying members.
The minister of gender, labour and social development Beti Amongi recently defended the Ugx6b budget from the NSSF to popularize the fund.
According to Amongi, there is a need to expand the coverage of the fund from the current 1.3 million savers to 15 million by 2025. Part of the funds will be used to establish an online platform for whistle-blowers to improve the compliance of employers.
She says that the mobilization fund will be used to woo 75% of Ugandans employed in the informal sector to save with NSSF.
It remains to be seen if Byarugaba will be re-appointed given that his contract had already expired, and has already clocked the 60 year cap of retirement for civil servants.
For now, members’ only hope is that their savings are being managed well, and they will gain double digit interests at the end of September 2023, better than the 9.65% posted last year.